Ca final may-june 2014 solution

Indirect Tax Purely My Answer (i dont know Whether Correct or Not)

Q-2 (a) 

(i) 180days +185 days Totally extend to 365 days

(ii) Tendering(Physical Delivery), Registered Post, Speed Post, Courier Approved by CBEC.

Q-2 (b)

(i) Taxable,

(ii) Not Taxable,

(iii) Taxable

Q-2 (c)

(i) 2days Excluding Holidays, Earlier 5 days.

(ii) 90days,

(iii) Rs.100 under section - 27 of the Customs Act

First question 1(a) my answer Output - 11,53,600 Input goods - 7,00,400 Cap goods 100% - 1,03,000 Duty payable - 3,50,200  

 Q-1(d)  Invoice value Product R- 4,21,875 Product T - 1,34,375 Vat payable Product R - 24,375 Product T - nill 

Q-1(e)   Assessable Value =>1,00,000*65.20=65,20,000 ( CBEC Rate-Bill of entry Taken) Basic Custom Duty => 65,20,000*15%=9,78,000 (14.12.2013 Rate Taken)  

Due Date -> 14, March-2014, ( Warehousing 90 days only Allowed)

Cleared Goods -> 14 May-2014

Late->17+30+14=61days

Interest - 15% P.A   Interest = 9,78,000*15%*61/365 =  24,517/-     
 

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