Idt paper

still paper nt over,,,,,,its 4.45pmwait for half an hour

Very easy one 90% of the paper was from bangar's sir compiler book  !!!!!!!!!!!!

Originally posted by : Kapil Rao
	Very easy one 90% of the paper was from bangar's sir compiler book  !!!!!!!!!!!!

Dude not only Bangar Sir... you will find answers in all text books... Exam was easy because whatever one expect from IDT paper has come.... 6 recent Case Laws... 5 easy practicles... out of others 45 marks like 30 marks form recent amendments & Notification others 15 marks easy VAT questions & some are easy provisions in various acts & rules...

Paper ws easy nd full as expected..........

Everything covered........ recent case laws, amendments,circular.....

Imp sections......rules..

Could anyone of you post the answers to question 1?

Answer to question 1

         particulars                       duty paid              credit allowed                       reason

(a)  Raw Material                       52,000                 52,000                               input

(b) mfg.machine                    1.00,000                 50,000                              capital goods

(c) light diesel oil                      40,000                  nil                                    excluded from inputs

(d) greases                               10,000                  10,000                             inputs

(e) office eqipment                  20,000                   nil                                   excluded from capital goods

(f) paints                                      5,000                      5,000                           inputs

                                                                                1,17,000

Can anyone plz post answer of Q -1 (d)-VAT calculation

Originally posted by : Jagjeet singh sahney
	Answer to question 1          particulars                       duty paid              credit allowed                       reason (a)  Raw Material                       52,000                 52,000                               input (b) mfg.machine                    1.00,000                 50,000                              capital goods (c) light diesel oil                      40,000                  nil                                    excluded from inputs (d) greases                               10,000                  10,000                             inputs (e) office eqipment                  20,000                   nil                                   excluded from capital goods (f) paints                                      5,000                      5,000                           inputs                                                                                 1,17,000

Are you sure you get credit for Paints..... Paints are not used for production... It facilititates production. No credit CENVAT allowed for that

Q1 b - SSI & Co - Is value for clearance for capitave consumption exempt OR is it liable to excise duty ?

Q5b ii) Policy contained in White Paper on introduction of VAT w.r.t to availment of input credit on Capital Good? What should be the answer?

This is how I answered 1d

Originally posted by : preeti
	Can anyone plz post answer of Q -1 (d)-VAT calculation

My answer (may be wrong)

VAT Liablitty (4% on 15, 12% on 20, 4% on 10) = 3,40,000

VAT Input Credit = (4% on 20 & 12% on 20) = 3,20,000

Net VAT payable = 20,000

Inputer credit not allowed for exempt sales ... but credit allowed for inputs used in production of CG.

Answer to 1e

Originally posted by : Rajat
	Originally posted by : Jagjeet singh sahney Answer to question 1          particulars                       duty paid              credit allowed                       reason (a)  Raw Material                       52,000                 52,000                               input (b) mfg.machine                    1.00,000                 50,000                              capital goods (c) light diesel oil                      40,000                  nil                                    excluded from inputs (d) greases                               10,000                  10,000                             inputs (e) office eqipment                  20,000                   nil                                   excluded from capital goods (f) paints                                      5,000                      5,000                           inputs                                                                                 1,17,000 Are you sure you get credit for Paints..... Paints are not used for production... It facilititates production. No credit CENVAT allowed for that

YES Paints are included in the definition of Inputs rule 2(k)... check out the definition.... & some old case law is also there to take paints for input credit, even if its not in the process of production.

Originally posted by : James
	Answer to 1e                   $           FOB Price   10000   450000 Cost of Development     40000           Add: Freight @ 20% of FOB 2000   90000 Insurance @ 1.125% of FOB 112.5   5062.5           CIF Value       585063           Add: Landing cost @ 1% of CIF   5851           Local agents commission   10000           Assesable Value     600913

This answer may not be correct... Because CIF value will not include cost of development which was included in India ( which will be after Import) Rule 10 & CIF value will include Commisiion paid to local agent because such commision will be paid by the Importer on behalf of the Exporter which should be included as per Rule 10 of Valution Rules