Indirect Tax Laws Solved Question Paper '2023 [Gauhati University Bcom 6th Semester Hons.]

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Indirect Tax Laws Solved Question Paper '2023 [Gauhati University Bcom 6th Semester Hons.]

Gauhati University B.Com 6th Sem Hons

Indirect Tax Laws Solved Question Paper (Year: 2023)


2023

COMMERCE

(Honours Core)

Paper COM-HC-6026

Solved Paper 2023

(Indirect Tax Laws)

Full Marks: 80

Time Three hours.

The figures in the margin indicate full marks for the questions.

1. (A) Choose the correct answer: 1x5=5

(i) Which of the following is not correct with regard to GST? 

(a) It is a value added tax

(b) It is a destination based tax

(c) It is collected at multiple stages

(d) Only Central Government is authorised to collect this tax.

(ii) Which of the following will not be charged to GST ?

(a) Jewellery 

(b) Electronic goods

(c) Alcoholic liquor for human consumption

(d) LIC Policy 

(iii) Which of the following is correct with regard to IGST?

(a) It is levied by the State Governments

(b) It is sum total of CGST and SGST / UGST 

(c) It is levied on intra state supply 

(d) All of the above

(iv) Which of the following Acts specifies the rates of custom duties?

(a) The Custom Act, 1962 

(b) The Custom Tariff Act, 1975

(c) The Central Excise Act, 1944 

(d) None of the above

(v) Assam VAT Act, 2003 came into force on:

(a) July 1, 2017

(b) September 16, 2016

(c) May 1, 2005

(d) April 1, 2003


(B) Fill in the blanks : 1×5=5

(i) The final burden of every indirect tax falls upon the consumer.

(ii) One can say GST, a revised edition of Value Added Tax (VAT).

(iii) France was the first country which introduced VAT.

(iv) India adopts the Dual GST model.

(v) Goods become liable to customs duty when there is import into or export from India.

Also Read: 

2.Answer the following questions: 2 x 5 = 10

(a) What is valid contract of sale under Sale of Goods Act, 1930?

Ans:- A valid contract of sale under the Sale of Goods Act, 1930, is an agreement between two parties, where the seller transfers or agrees to transfer the property in goods to the buyer for a price. The contract of sale must have all the essential elements of a valid contract, such as offer and acceptance, consideration, capacity, free consent, lawful object, and certainty of terms. 

(b) Write any two features of integrated GST. 

Ans:- Two features of integrated GST are:

- It is levied on inter-state supplies of goods and services, as well as on imports and exports. 

- It is collected by the central government and distributed to the states based on the destination principle, i.e., the state where the goods or services are consumed. 

(c) What do you mean by excisable goods ?

Ans:- Excisable goods are goods that are subject to excise duty, which is a tax levied on the manufacture or production of goods in India. The goods must be movable and marketable, and specified in the First and Second Schedule to the Central Excise Tariff Act, 1985. Salt is also considered as an excisable good, although no duty is charged on it. 

(d) Define the term Territorial Waters of India'.

Ans:- The term Territorial Waters of India means the belt of coastal waters extending up to 12 nautical miles (22 km) from the baseline of the Indian coast. India has sovereignty and jurisdiction over its territorial waters, as well as the airspace above and the seabed below. However, foreign ships are allowed innocent passage through the territorial waters, subject to certain conditions and exceptions. 

(e) Write two objectives of GST implementation in India. 

Ans:- Two objectives of GST implementation in India are:

- To eliminate the cascading effect of taxes, i.e., tax on tax, and reduce the tax burden on consumers and producers.

- To create a common market and a uniform tax structure across the country, by removing barriers to inter-state trade and enhancing the ease of doing business. 


3. Answer any four questions:   5x4 = 20


(a) Prepare a list of taxes subsumed under GST.

Ans:- [Download PDF for Complete Solution]

(b) How is GST a destination based tax ? Explain with illustration.

(c) Write any five limitations of excise duty. 

(d) Name the goods which remain out of purview of VAT.

(e) Write about the constitutional provisions for formation of GST Council.

(f) Explain in brief the different types of custom duties.


4. Answer any four of the following questions : 10×4=40


(a) Describe in brief the history of GST in India.

Ans:- [Download PDF for Complete Solution]

(b) Discuss the shortcomings of old regime of indirect taxes.

(c) Describe in brief the reasons for introduction of GST in India. 

(d) Distinguish between GST and VAT.

(e) Enumerate the need of enacting the state and union territory legislations for GST.

(f) Write the meaning of excise duty. Evaluate the position of excise duty in new tax regime of indirect taxes. 2+8=10


(g) Define the following terms under the Customs Act, 1962 : 2 x 5 = 10

(i) Baggage

(ii) Coastal Goods

(iii) Exporter

(iv) Imported Goods

(v) Importer


(h) Who are persons liable for obtaining registration under GST? Explain the procedure of obtaining registration under GST. 4+6=10

Ans:- [Download PDF for Complete Solution]


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