Radhesh Bhoot (Aspiring CA) (229 Points)
19 November 2012Please fellow members if anyone of you have solved the IDTL Paper Nov 12(Other than Mumbai) then can u upload it here...
Ganesh - ACA, LCS
(-)
(183 Points)
Replied 19 November 2012
| 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 |
Ganesh - ACA, LCS
(-)
(183 Points)
Replied 19 November 2012
| 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 |
Ganesh - ACA, LCS
(-)
(183 Points)
Replied 19 November 2012
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.
Radhesh Bhoot
(Aspiring CA)
(229 Points)
Replied 19 November 2012
|
Thanks Ganesh for giving the solutions....
Originally posted by : Ganesh |
||
 |
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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Radhesh Bhoot
(Aspiring CA)
(229 Points)
Replied 22 November 2012
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
