Description
INDIAN SALES TAX ACT, IMPORTANT AREAS IN QUIZ FORM
T.VENKATARAMANAN.FICWA
Question and Answer Samples and Techniques
CENTRAL SALES TAXIS AN INDIRECT TAX LEVIED BY CENTRAL GOVT.
INTHIS CASE THE TAXABLE EVENTIS A SALE
THE TAXABLE EVENT IS SALE OF GOODS INTER STSTE.
STATE THE NEXUS THEORY
Define appropriate state& state its significance.
Define business
Temples sell prasadam which can be considered as business
The sale of assets by bank for realisation of loan is a business
Central government can become a dealer but state govt cannot.
Define goods
Define declared goods . Declared goods are those declared u/s 14 to be of special importance In inter state trade or commerce.
Old news paper sold as waste is exempted from CST.
DEFINE SALE
DEEMED SALE?
PAGE/266
DEFINE SALE PRICE
PAGE/267
TRANFER OF PROPERTY IN GOODS W/O CONSIDERATION IS CHARGEABLE TO CST
(b) The levy of Central Sales-tax is on (i) purchase of goods ; (ii) sale of goods ; (iii) purchase or sale of goods ; (iv) None of the above. (1)
(c) G effected inter-state sale of declared goods to H, charging correct CST of 2%. G should obtain from H (i) Form ?D‘ ; (ii) Form?C‘ ; (iii) Form ?G‘ ; (iv) No form. (1) (d) R of Coimbatore, Tamil Nadu sold to a Malaysian ship at Kochi port in Kerala, some goods for consumption on board the ship. Such sale will be (i) inter-state sale ; (ii) export sale as it is a foreign ship. (iii) intra-state sale; (iv) sale in the course of import. (1) (e) A dealer engaged in effecting inter-state sale is required to get himself registered where his turnover exceeds (i) Any amount (ii) `1,00,000 (iii) `2,50,000 (iv) `3,00,000 (1)
©(g) R Oils Ltd., New Delhi sent via its pipeline special purified oil to B Ltd. in Noida, Uttar Pradesh, through its branch at Noida. This transaction has to be regarded as : (i) Branch transfer by HO to branch (ii) Branch transfer by HO to branch and then sale with State by the branch of R Oils Ltd., to B Ltd. (iii) Inter-State sale (iv) Intra-State sale (1) (h) X effected his first inter-state sale on 21.11.2010 and applied for registration on 10.12.2010. The effective date of registration will be : (i) 10.12.2010 (ii) 21.11.2010 (iii) 22.11.2010 (iv) Date on which the registering authority issues the registration certificate. (1) (i) In case of inter-State sale to the Government, the applicable rate of tax is — (i) Nil (ii) Always 2% (iii) 2% or the sales tax rate for the concerned goods in the appropriate State, whichever is higher (iv) 2% or the sales tax rate for the concerned goods in the appropriate State, whichever is lower. (1)
Tax paid by the buyer, when the liability is that of seller is includible in price
Define sale price
TRANFER BY WAY OF MORTGAGE IS CHARGEABLE TO CST
Define sale price u/s 2(h).State the inclusions.
WHAT ARE THE EXCLUSIONS FROM SELLING PRICE ?
STATE THEEXCEPTIONS TO SECTION 3 OF CST.
ESSENTIALS OF AN EXPORT SALE
Define turn over
Define works contract
When does sale or purchase take place under cst?
What are the ingredients of interstate sale?
Sale in the case of export,import,etc.
Section 6(1) is the charging section in cst
What are the ingredients?
p/272
Match the following
Form A
Form B Form E1
For concessional rate of tax
Issued by seller for subsequent sale
Application for regn.
Certificate of registration
Form D
Form C
Now abolished
Match the following
Form F
Form H Form J
For concessional rate of tax
NIL TAX
Application for regn.
Form D
Form C
NIL TAX
Now abolished
A DEALER PURCHASED 22,000 KGS OF Rm paying vat @ 4% he manufactured 20,000Kgs of FG.2OOOKGS PROCESS LOSS.THE FG WAS SOLD AT A UNIFORM PRICE Of Rs10/KG.
Define ?Appropriate State‘ (3)(b) ?Central Government can become a dealer, but the state government cannot the statement correct? Give reasons. (3) (c) Arun sells his land along with the standing crops and trees for `20 lakhs. Sales tax officer wants to assess for sales tax the value of standing crops and trees. Comment. (4) (d) Is transfer of property in goods without consideration chargeable to CST? (3) (e) Define ?Goods of Special Importance? as per the CST Act. (3)
(a) Define ?Sale Price? as per the Central Sales Tax Act,1956 (5) (b) Define ?Sale or Purchase in the course of Inter-state trade? as per the Central Sales Tax Act,1956 (5) (c) Determine the central sales tax liability from the following data when a sale is effected from Faridabad to Lucknow: (a) Invoice no.: 00708374 (b) Basic price: `5,00,000 (c) Excise duty: 10% ad valorem (d) CST: as applicable under ?C? forms (e) Trade discount: 8% (f) Cash discount: 2% (g) Quantity supplied: 2,000 kgs (h) Quantity rejected by buyer within 3 days of delivery: 200 kgs (i) Quantity returned by buyer after 6 months of despatch: 200 kgs. (10)
Select Appropriate answer.
Fill up the blanks
• (a) M, a dealer in Guwahati has sold goods to G in Surat for which the sales tax rate • in Guwahati is 3% and the rate in Surat is 2%. The CST leviable is…….. (1) • (b) The application for compulsory registration should be submitted by a dealer • within……….days of making an inter-state sale. (1) • (c) D of West Bengal sends goods to J of Mumbai for doing some job work. T adds • some materials of his own, completes the job and returns the same to C. The • above transaction……..(attracts/does not attract) liability to CST. (1)
(d) The dealer aggrieved by an appealable order should normally file appeal within……….days from the date of ……….. (1+1) (e) Mr. Ishaan Avaasthi, is a dealer in Mumbai: Basic price of goods sold during the year `46,00,000, which excludes the followings: Excise duty `90,000; Trade commission for which credit notes have to be issued separately `60,000;installation charges `45,000; freight recovered separately in the invoice `20,000.Duty drawbacks on exports `33,000; export incentives to seller `40,000; Compute CST liability. Buyer issued Form C for all purchases. (6)
(f) Sales tax payable on product ?A‘ if sold within State of Punjab is 2%. If the product is sold in Inter-State sale, what will be the Central Sales Tax payable if : i) Buyer furnishes C form ii) Buyer does not furnish any form iii) Buyer furnishes H form iv) Buyer furnishes D form? (4)
How to Use the Quiz Show Template
• Choose a Question & Answer layout from the New Slide gallery • Follow the placeholder prompts and fill in your actual questions and answers • View the presentation in slide show to see the animations that reveal the answers • Suggested Uses: – Reinforcing teaching through audience participation – Introduction to subject matter – Recreational gatherings
• The following slides are example questions using the layouts in the Quiz Show template. View them in slide show to see the answer animations.
The Sun is a star.
What is the name of our galaxy?
How many planets in the solar system have rings?
Jupiter, Saturn, Uranus, and Neptune all have rings.
What is inertia?
Measurement of electrical resistance
A ratio between mass and velocity
Resistance to motion or change
The speed at which an object falls
All of the above
Match the device to what it measures:
Stop Watch
Scale Thermometer
Distance
Temperature Elapsed Time
Speedometer
Odometer
Weight
Rate of Travel
doc_991222673.pptx
INDIAN SALES TAX ACT, IMPORTANT AREAS IN QUIZ FORM
T.VENKATARAMANAN.FICWA
Question and Answer Samples and Techniques
CENTRAL SALES TAXIS AN INDIRECT TAX LEVIED BY CENTRAL GOVT.
INTHIS CASE THE TAXABLE EVENTIS A SALE
THE TAXABLE EVENT IS SALE OF GOODS INTER STSTE.
STATE THE NEXUS THEORY
Define appropriate state& state its significance.
Define business
Temples sell prasadam which can be considered as business
The sale of assets by bank for realisation of loan is a business
Central government can become a dealer but state govt cannot.
Define goods
Define declared goods . Declared goods are those declared u/s 14 to be of special importance In inter state trade or commerce.
Old news paper sold as waste is exempted from CST.
DEFINE SALE
DEEMED SALE?
PAGE/266
DEFINE SALE PRICE
PAGE/267
TRANFER OF PROPERTY IN GOODS W/O CONSIDERATION IS CHARGEABLE TO CST
(b) The levy of Central Sales-tax is on (i) purchase of goods ; (ii) sale of goods ; (iii) purchase or sale of goods ; (iv) None of the above. (1)
(c) G effected inter-state sale of declared goods to H, charging correct CST of 2%. G should obtain from H (i) Form ?D‘ ; (ii) Form?C‘ ; (iii) Form ?G‘ ; (iv) No form. (1) (d) R of Coimbatore, Tamil Nadu sold to a Malaysian ship at Kochi port in Kerala, some goods for consumption on board the ship. Such sale will be (i) inter-state sale ; (ii) export sale as it is a foreign ship. (iii) intra-state sale; (iv) sale in the course of import. (1) (e) A dealer engaged in effecting inter-state sale is required to get himself registered where his turnover exceeds (i) Any amount (ii) `1,00,000 (iii) `2,50,000 (iv) `3,00,000 (1)
©(g) R Oils Ltd., New Delhi sent via its pipeline special purified oil to B Ltd. in Noida, Uttar Pradesh, through its branch at Noida. This transaction has to be regarded as : (i) Branch transfer by HO to branch (ii) Branch transfer by HO to branch and then sale with State by the branch of R Oils Ltd., to B Ltd. (iii) Inter-State sale (iv) Intra-State sale (1) (h) X effected his first inter-state sale on 21.11.2010 and applied for registration on 10.12.2010. The effective date of registration will be : (i) 10.12.2010 (ii) 21.11.2010 (iii) 22.11.2010 (iv) Date on which the registering authority issues the registration certificate. (1) (i) In case of inter-State sale to the Government, the applicable rate of tax is — (i) Nil (ii) Always 2% (iii) 2% or the sales tax rate for the concerned goods in the appropriate State, whichever is higher (iv) 2% or the sales tax rate for the concerned goods in the appropriate State, whichever is lower. (1)
Tax paid by the buyer, when the liability is that of seller is includible in price
Define sale price
TRANFER BY WAY OF MORTGAGE IS CHARGEABLE TO CST
Define sale price u/s 2(h).State the inclusions.
WHAT ARE THE EXCLUSIONS FROM SELLING PRICE ?
STATE THEEXCEPTIONS TO SECTION 3 OF CST.
ESSENTIALS OF AN EXPORT SALE
Define turn over
Define works contract
When does sale or purchase take place under cst?
What are the ingredients of interstate sale?
Sale in the case of export,import,etc.
Section 6(1) is the charging section in cst
What are the ingredients?
p/272
Match the following
Form A
Form B Form E1
For concessional rate of tax
Issued by seller for subsequent sale
Application for regn.
Certificate of registration
Form D
Form C
Now abolished
Match the following
Form F
Form H Form J
For concessional rate of tax
NIL TAX
Application for regn.
Form D
Form C
NIL TAX
Now abolished
A DEALER PURCHASED 22,000 KGS OF Rm paying vat @ 4% he manufactured 20,000Kgs of FG.2OOOKGS PROCESS LOSS.THE FG WAS SOLD AT A UNIFORM PRICE Of Rs10/KG.
Define ?Appropriate State‘ (3)(b) ?Central Government can become a dealer, but the state government cannot the statement correct? Give reasons. (3) (c) Arun sells his land along with the standing crops and trees for `20 lakhs. Sales tax officer wants to assess for sales tax the value of standing crops and trees. Comment. (4) (d) Is transfer of property in goods without consideration chargeable to CST? (3) (e) Define ?Goods of Special Importance? as per the CST Act. (3)
(a) Define ?Sale Price? as per the Central Sales Tax Act,1956 (5) (b) Define ?Sale or Purchase in the course of Inter-state trade? as per the Central Sales Tax Act,1956 (5) (c) Determine the central sales tax liability from the following data when a sale is effected from Faridabad to Lucknow: (a) Invoice no.: 00708374 (b) Basic price: `5,00,000 (c) Excise duty: 10% ad valorem (d) CST: as applicable under ?C? forms (e) Trade discount: 8% (f) Cash discount: 2% (g) Quantity supplied: 2,000 kgs (h) Quantity rejected by buyer within 3 days of delivery: 200 kgs (i) Quantity returned by buyer after 6 months of despatch: 200 kgs. (10)
Select Appropriate answer.
Fill up the blanks
• (a) M, a dealer in Guwahati has sold goods to G in Surat for which the sales tax rate • in Guwahati is 3% and the rate in Surat is 2%. The CST leviable is…….. (1) • (b) The application for compulsory registration should be submitted by a dealer • within……….days of making an inter-state sale. (1) • (c) D of West Bengal sends goods to J of Mumbai for doing some job work. T adds • some materials of his own, completes the job and returns the same to C. The • above transaction……..(attracts/does not attract) liability to CST. (1)
(d) The dealer aggrieved by an appealable order should normally file appeal within……….days from the date of ……….. (1+1) (e) Mr. Ishaan Avaasthi, is a dealer in Mumbai: Basic price of goods sold during the year `46,00,000, which excludes the followings: Excise duty `90,000; Trade commission for which credit notes have to be issued separately `60,000;installation charges `45,000; freight recovered separately in the invoice `20,000.Duty drawbacks on exports `33,000; export incentives to seller `40,000; Compute CST liability. Buyer issued Form C for all purchases. (6)
(f) Sales tax payable on product ?A‘ if sold within State of Punjab is 2%. If the product is sold in Inter-State sale, what will be the Central Sales Tax payable if : i) Buyer furnishes C form ii) Buyer does not furnish any form iii) Buyer furnishes H form iv) Buyer furnishes D form? (4)
How to Use the Quiz Show Template
• Choose a Question & Answer layout from the New Slide gallery • Follow the placeholder prompts and fill in your actual questions and answers • View the presentation in slide show to see the animations that reveal the answers • Suggested Uses: – Reinforcing teaching through audience participation – Introduction to subject matter – Recreational gatherings
• The following slides are example questions using the layouts in the Quiz Show template. View them in slide show to see the answer animations.
The Sun is a star.
What is the name of our galaxy?
How many planets in the solar system have rings?
Jupiter, Saturn, Uranus, and Neptune all have rings.
What is inertia?
Measurement of electrical resistance
A ratio between mass and velocity
Resistance to motion or change
The speed at which an object falls
All of the above
Match the device to what it measures:
Stop Watch
Scale Thermometer
Distance
Temperature Elapsed Time
Speedometer
Odometer
Weight
Rate of Travel
doc_991222673.pptx