CMA INTERMEDIATE EXAMINATION
Paper 11 INDIRECT TAXATION
Paper 7 Direct Taxation fill in the blanks
Fill up the blanks :-
1. In case
of death of a tax payer Legal
Heir can request for cancellation of registration.
2. Gifts
exceeding Rs. 50,000/-
in value in a financial year by an employer to employee shall constitute supply
of goods or services or both.
3. Toll
receipts from highway of Coimbatore to Palghat is Rs. 60,00,000 and commission earned on toll
receipts is Rs. 6,00,000. The value of taxable supply will be
Rs. 6,00,000/-.
4. In case
of supply of goods by a composite dealer, the registered person shall issue Bill of Supply.
5. R has
started business of supplying toys in J&K. He is required to obtain
registration if his aggregate turnover during a financial year exceeds Rs. 20,00,000/-(in case of special
category states Rs. 10,00,000/- except J & K .
6. Indirect taxes are Supply based taxes.
7. Direct taxes are Progressive in
nature.
8. Indian GST Model is chosen from Canadian (country)
model.
9. GST Council has been created as per
Article 279A
of the amended Constitution.
10. In HSN, N stands for Nomenclature.
11. Every person who is liable to be
registered under GST shall apply for registration in form GST REG 01.
12. License to occupy land is treated as Supply of services
(supply of services/not supply of services).
13. In GST, details of inward supplies of taxable
goods or services for claiming input credit are to be furnished in form no. GSTR 2.
14. For delayed payment of GST, interest is
payable at 18%
per annum
15. As per the GST law, every registered
taxable person must maintain account books and records for at least 72 months from the
due date of furnishing of annual return for the year pertaining to such return.
16. As per Article 246(3), State Government
has exclusive powers to make laws for State with respect to any matter enumerated
in List II of Seventh
Schedule to Constitution.
17. The first two digits in the Tax Payers
Identification Number (TIN) represent State code.
18 .product is exempt from levy of VAT in
a State. When that product is sold from that State in inter-State sale, the CST
is leviable at Zero
%.
19. When a product is not sold in outside
market but is used actively, where the cost of production of such product is Rs. 10 lakhs, the assessable value is Rs. 11 lakhs. The product is sold
by others in the market for Rs. 12 lakhs.
20. Service tax paid on assignment charges
of a natural resource to be allowed as CENVAT credit spread evenly over a
period of 3 years.
21. Turnover Threshold limit for composition
scheme under State VAT as per White Paper was Rs. 50 lakhs.
22. Central Sales Tax applies to the whole
of India Including
the State of Jammu & Kashmir.
23. The place of provision of service in
case of intermediary services is the location of Service Provider.
24. EOU can sell a portion of their
production in Domestic Tariff Area (DTA) up to 50% of their FOB value of exports.
25. An assessee claim refund of excise duty
within One year
from relevant date u/s. 11B of Central Excise Act, 1994.