If you are preparing for your BCom 6th Semester exams, this solved paper will be extremely useful for revision and better understanding.
Indirect Tax Laws Solved Question Paper 2024
Section 1: Objective Questions (1×10 = 10 Marks)
Answer the following questions as directed:
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VAT is a type of ______ Tax.
- Answer: Indirect
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_______ was the first country to introduce the Value Added Tax System.
- Answer: France
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Central Excise duty is levied and collected by ________.
- Answer: Central Government
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Excise duty is a form of direct tax. (True/False)
- Answer: False
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One of the objectives of the Customs Act, 1962, is to protect domestic industries. (True/False)
- Answer: True
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Prohibited goods cannot be exported. (True/False)
- Answer: True
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IGST stands for ______ Goods and Services Tax.
- Answer: Integrated
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India is the first country to introduce dual GST. (True/False)
- Answer: False
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At present, there are three tax slabs under GST for goods. (True/False)
- Answer: False
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GSTIN is a ______ digit alphanumeric number.
- Answer: 15
Section 2: Short Answer Questions (2×5 = 10 Marks)
(a) What is VAT?
Answer: VAT (Value Added Tax) is an indirect tax levied on the value added to goods and services at each stage of production or distribution. Businesses collect VAT from consumers and remit it to the government. It was replaced by GST in India in 2017.
(b) What is the meaning of 'Factory' under the Central Excise Act, 1944?
Answer: According to the Central Excise Act, 1944, a Factory is any premises where excisable goods are manufactured. It includes places where any part of the production process occurs or where excisable goods are stored.
(c) What is the meaning of 'Manufacturer' under the Central Excise Act, 1944?
Answer: A Manufacturer is a person who produces or processes excisable goods and has control over their production. It includes anyone who hires labor or another entity for manufacturing goods on their behalf.
(d) Write any two objectives of the implementation of GST in India.
Answer:
- To create a unified tax system by replacing multiple indirect taxes like VAT, excise duty, and service tax.
- To improve tax compliance and reduce tax evasion through a transparent taxation system.
(e) What is the meaning of 'Refund' under the GST Act?
Answer: A Refund under the GST Act refers to the return of excess tax paid due to input tax credit accumulation, tax paid on exports, or incorrect tax payments. Taxpayers can claim refunds through an application to the tax authorities.
Section 3: Descriptive Questions (5×4 = 20 Marks)
(a) What do you mean by excisable goods?
Key Features of Excisable Goods:
- Must be manufactured in India.
- Should be movable and marketable.
- Listed in the Central Excise Tariff Act.
- Excise duty is levied when goods are removed from the factory.
Examples: Petroleum products, cigarettes, alcohol, and automobiles.
(b) Explain the meaning of 'Anti-dumping Duty' as per Customs Law.
Legal Framework:
- Customs Act, 1962
- Anti-Dumping Rules, 1995
Objectives of Anti-Dumping Duty:
- To protect domestic industries from unfair competition.
- To prevent predatory pricing by foreign firms.
- To ensure fair trade and maintain reasonable import prices.
Example: If a Chinese company sells steel in India at ₹30,000 per ton, but the same steel is sold in China at ₹50,000 per ton, India can impose an anti-dumping duty to balance the price.
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Conclusion
Understanding indirect tax laws is essential for commerce students and professionals dealing with taxation. The 2024 CBCS Solved Question Paper provides clear insights into key taxation concepts like GST, Excise Duty, Customs Duty, VAT, and Anti-Dumping Laws.
By studying these questions, students can enhance their preparation for exams and gain a strong grasp of India’s indirect tax framework. Keep practicing more such questions for better results!
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