How was today's Indirect tax paper?

Anyone who studied case laws and valuation pblms of all 4 topics...easy to score 55+

Can someone share the answers or method to solve qn 1 a, b, d, e??

Dont think that paper was easy. Its actually tricky. If u r thinking for exemption.. probably ur valuation is wrong. paper prepared so planned that only to award 40-45 marks. Trust me its tough paper comparive to last dew attempts. 

Paper was good. It showed that u had to be prepared thhroughly. Practical questions just tested ur understanding of the subject.

m not saying its tough to pass. its tough to get 60 m saying. no flaws in my preparation

First question my answer Output - 12,36,000 Input goods - 7,00,400 Cap goods 100% - 1,03,000 Duty payable - 4,32,600
Q-1(d) my answer Invoice value Product R- 4,21,875 Product T - 1,34,375 Vat payable Product R - 24,375 Product T - nill

Q-1(e) My Answer Only 

 

Assessabla Value =>1,00,000*65.20=65,20,000 ( CBEC Rate-Bill of entry Taken)

Basic Custom Duty => 65,20,000*10%=6,52,000 (20.04.2014 Rate Taken)

 

Total=>72,05,000

 

 

 

Late - 24 days

 

Interest - 15% P.A

 

Interest = 65,20,000*15%*24/365 = 6,52,000*15/100*24/365 = 6,430/-

 

My Answers

 
First question 1(a) my answer Output - 12,36,000 Input goods - 7,00,400 Cap goods 100% - 1,03,000 Duty payable - 4,32,600

 

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

Q-1(e) My Answer Only    Assessabla Value =>1,00,000*65.20=65,20,000 ( CBEC Rate-Bill of entry Taken) Basic Custom Duty => 65,20,000*10%=6,52,000 (20.04.2014 Rate Taken)   Total=>72,05,000       Late - 24 days   Interest - 15% P.A   Interest = 65,20,000*15%*24/365 = 6,52,000*15/100*24/365 = 6,430/-   
 

 

Its good. Normal paper. As usual.
Case study part is easy but yeah first compulsory question was tricky one and one can say that question paper was tough as compared to last two attempt ...
Originally posted by : CMA Thiru

My Answers

 

First question 1(a) my answer Output - 12,36,000 Input goods - 7,00,400 Cap goods 100% - 1,03,000 Duty payable - 4,32,600

 

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

Q-1(e) My Answer Only    Assessabla Value =>1,00,000*65.20=65,20,000 ( CBEC Rate-Bill of entry Taken) Basic Custom Duty => 65,20,000*10%=6,52,000 (20.04.2014 Rate Taken)   Total=>72,05,000       Late - 24 days   Interest - 15% P.A   Interest = 65,20,000*15%*24/365 = 6,52,000*15/100*24/365 = 6,430/-   
 
Q 1 d i too got the same answer :) q 1b) intermediate level excise duty will be levied as the final product is exempt from excise duty . output 9800 assesable value 9800*100=980000 excise duty payable 980000*12.36/100=121128 cenvat credit to be utilised =(98880+5000+4000)=107880 excise duty to be paid =13248.

 


 

 

i think this was the easiest paper in grp II those who could not do better in previous 3 papers can have some from it bt paper was really lengthy, amendents were asked that was + point, case studies was also good, bt manipulations was with marking allocation, too many case studies and those also for just 3 marks , 6 marks for some irrelevant qn like bond, it was the game which institute played, i waste so much time on case studies to answer and couldnt attempt whole paper, so tragedic but still hoping some good for future lets see best of luck to all........

 

In qn 1e as per my opinion interest was to be calculated from the expiry of 90 days from date of deposit not from the date of end of warehousing period

there was flood of case laws , but with low markings

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