how was todays ca final idt paper pls upload n share your comments???
30 Replies
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 16 May 2011
still paper nt over,,,,,,its 4.45pmwait for half an hour
Kapil Rao
(CA Final MCOM (Accountancy))
(804 Points)
Replied 16 May 2011
Very easy one 90% of the paper was from bangar's sir compiler book !!!!!!!!!!!!
Sriram
(CA FINAL)
(126 Points)
Replied 16 May 2011
| 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...
CA. ANKUR JAIN
(CA.....)
(2800 Points)
Replied 16 May 2011
Paper ws easy nd full as expected..........
Everything covered........ recent case laws, amendments,circular.....
Imp sections......rules..
James
(Finance Manager)
(35 Points)
Replied 16 May 2011
Could anyone of you post the answers to question 1?
Jagjeet singh sahney
(CA)
(70 Points)
Replied 16 May 2011
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
preeti
(Article)
(35 Points)
Replied 16 May 2011
Can anyone plz post answer of Q -1 (d)-VAT calculation
Rajat
(CA Final)
(156 Points)
Replied 16 May 2011
| 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 |
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Are you sure you get credit for Paints..... Paints are not used for production... It facilititates production. No credit CENVAT allowed for that
Rajat
(CA Final)
(156 Points)
Replied 16 May 2011
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?
James
(Finance Manager)
(35 Points)
Replied 16 May 2011
This is how I answered 1d
|
1500000 |
4% |
60000 |
|||||||||
|
2000000 |
12% |
240000 |
|||||||||
|
1000000 |
4% |
40000 |
|||||||||
|
340000 |
|||||||||||
|
Less: |
|||||||||||
|
2000000 |
4% |
-80000 |
50% disallowed due to use against Exempted goods |
||||||||
|
2000000 |
12% |
-240000 |
Taken fully inspite of being used for manufacture
of capital goods |
||||||||
|
20000 |
|||||||||||
Rajat
(CA Final)
(156 Points)
Replied 16 May 2011
| Originally posted by : preeti | ||
|
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Can anyone plz post answer of Q -1 (d)-VAT calculation |
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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.
James
(Finance Manager)
(35 Points)
Replied 16 May 2011
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 |
|||
Sriram
(CA FINAL)
(126 Points)
Replied 17 May 2011
| 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.
Sriram
(CA FINAL)
(126 Points)
Replied 17 May 2011
| 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 |
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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
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