M.Com. (Semester IV) (CBCS) Examination Mar/Apr-2018
TAXATION (Paper III)
Time: 2½ Hours
Max. Marks: 70
Instructions: All questions are compulsory. All questions carry equal marks.
Q.1
Choose the alternatives given below.
14
Excise duty shall be levied not only on manufacture but also on
Deemed manufacture
Service
Rent
None of these
The power to make laws in relation to Central Excise vests with the government.
State
Central
Both a and b
None of the these
Excise duty on alcoholic liquors is a subject.
Central
State
Central and state
None of the above
The central Excise law extends to the whole of India Jammu and Kashmir.
Including
Excluding
Both a and b
None of these
Goods manufactured in are not leviable to excise duty.
BRICS
Assam
Jammu and Kashmir
SEZ
The Central Government has been empowered by Entry of the union list of the seventh schedule of the constitution of India to levy custom duty.
81
82
83
84
The basic custom duty is 7.5% and
10%
2.5%
12.5%
15%
Taxable event in customs shall be the importation of the goods into India or outside India.
Exportation of goods
Manufacture of goods
Fire of goods
None of these
The term refers to loss of goods in small quantities by reasons of theft or otherwise.
Damage
Loss
Pilfer
None of these
10) Rate of exchange means the rate of exchange as determined by
CBDT
CBIT
CBEC
All of these
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SLR-CX-45
11) implies a change which results in a new and different article having a distinctive name and character or use.
Manufacture
Service
Goods
None of these
12) Waste of exempted goods has been exempted from of excise duty.
Receipt
Imported
Payment
None of these
13) Central excise act has been implemented in
1985
1944
1972
1992
14) The Exclusive Economic Zone extends up to miles inside the sea from the baseline.
200
400
1000
No limit
Q.2
Write short notes on the following.
14
Types of Excise Duties
Sources of Central Excise Law
Q.3
Write short notes on the following.
14
Types of Custom Duty
Sources of Custom Law
Q.4
Discuss levy of Custom Duty.
14
OR
An important has imported a machinery to be used for providing the service of construction off commercial buildings. The assessable value of imported machinery as approved by customs is Rs. Custom duty payable is 10%. If the machinery is manufactured in India, excise duty is livable on such machinery. Education cess and secondary and higher education cess are as applicable. Special CVD is payable on said machinery.
14
You are required to calculate the total custom duty payable.
Q.5
Classification of Excisable Goods.
14
OR
Calculate assessable value and excise duty payable on the basis of following information.
Amount Rs.
Total invoice price
40,000
State VAT
4,000
Insurance charges for dispatch of final product
200
Packing charges
1,000
Freight charged from factory to the place of customer
2,000
Excise duty rate is 12% and education cesses as applicable.