Please fellow members if anyone of you have solved the IDTL Paper Nov 12(Other than Mumbai) then can u upload it here...
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Needed solution to idtl paper nov 12(other than mumbai)
Replies (5)
| Q 1 e) | ||
| FOB (POUND) | 8,000.00 | |
| ADD | DESIGN DEVELOPMENT CHARGES PAID IN ENGLAND | 500.00 |
| includible since outside india | ||
| ADD | AIR FREIGHT | 1,600.00 |
| since air, max 20% of FOB | ||
| ADD | INSURANCE | 90.00 |
| Since unascertainable, 1.125% of FOB | ||
| Total (POUND) | 10,190.00 | |
| Exchange rate (CBEC alwez) | 68.00 | |
| date of presentation of Bill of Entry | ||
| TOTAL (RS) | 6,92,920.00 | |
| ADD | COMMISSION TO LOCAL AGENT | 10,880.00 |
| 2% of FOB | ||
| CIF | 7,03,800.00 | |
| ADD | LOADING/UNLOADING/HANDLING | 7,038.00 |
| 1% of CIF | ||
| Assessable Value | 7,10,838.00 | |
| Add | Basic Customs Duty @ 20% | 1,42,167.60 |
| Date of presentation of BoE or Entry Inwards | ||
| whichever is LATER | ||
| 8,53,005.60 | ||
| Add | Additional Customs Duty ie CVD @ 10% | 85,300.56 |
| no EC & SHEC on CVD as per recent amendment | ||
| 9,38,306.16 | ||
| Add | EC & SHEC on (BCD + CVD) | 6,824.04 |
| 9,45,130.20 | ||
| Add | Special Additional Duty 3(5) @ 4% | 37,805.21 |
| total | 9,82,935.41 | |
| total Customs duty payable | 2,72,097.41 |
| Q 1 d) | |||
| VAT | CST | ||
| Sales | |||
| within the state | 2,00,000.00 | ||
| inter state | 1,00,000.00 | ||
| output tax rate @ 4% | 8,000.00 | ||
| CST rate @ 2% | 2,000.00 | ||
| Purchase of inputs (within state) | 1,00,000.00 | - | |
| input tax rate @ 12.50 % | 12,500.00 | - | |
| Excess ITC available | -4,500.00 | ||
| CST payable | - | ||
| so no VAT payable for the month | |||
| Also VAT ITC can be used to pay CST liablity |
Q 6 a)
i) Bond B-1 reqd to be executed by merchant exporter for export w/o payment of duty. Bond value should be atleast equal to or more than duty chargeable on goods plus reqd security/ surety
ii) Manufacturer - Exporter is exempted from furnishing such bond. He can furnish an annual Letter of Undertaking (LUT) in Form UT-1
iii) ARE-1
iv) 5 copies. 5th copy is optional copy which assessee can use for claiming various other export incentives.
v) Yes. Goods can be cleared from the factory only under a valid invoice. it should be marked as "FOR EXPORT WITHOUT PAYMENT OF DUTY"
VI) duty at the rate applicable on the date of removal of such goods from the factory.
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Thanks Ganesh for giving the solutions....
Originally posted by : Ganesh |
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Q 1 e) FOB (POUND) 8,000.00 ADD DESIGN DEVELOPMENT CHARGES PAID IN ENGLAND 500.00 includible since outside india ADD AIR FREIGHT 1,600.00 since air, max 20% of FOB ADD INSURANCE 90.00 Since unascertainable, 1.125% of FOB Total (POUND) 10,190.00 Exchange rate (CBEC alwez) 68.00 date of presentation of Bill of Entry TOTAL (RS) 6,92,920.00 ADD COMMISSION TO LOCAL AGENT 10,880.00 2% of FOB CIF 7,03,800.00 ADD LOADING/UNLOADING/HANDLING 7,038.00 1% of CIF Assessable Value 7,10,838.00 Add Basic Customs Duty @ 20% 1,42,167.60 Date of presentation of BoE or Entry Inwards whichever is LATER 8,53,005.60 Add Additional Customs Duty ie CVD @ 10% 85,300.56 no EC & SHEC on CVD as per recent amendment 9,38,306.16 Add EC & SHEC on (BCD + CVD) 6,824.04 9,45,130.20 Add Special Additional Duty 3(5) @ 4% 37,805.21 total 9,82,935.41 total Customs duty payable 2,72,097.41 |
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