Paper 11 Indirect Taxation | CMA Intermediate Fill in the blanks




Paper 7 Direct Taxation fill in the blanks

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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.