Indirect Tax Laws - May 2018

Bhopal (Madhya Pradesh) is a supplier of machinery. 10 Laxmi Ltd. has supplied machinery to PQR Enterprises in Indore (Madhya Pradesh) on 1* October, 2017. The invoice for supply has been issued on 1‘ October, 2017. Thus, the time of supply of machinery is 1* October, 2017. Laxmi Ltd. and POR Enterprises are not related. Following information is provided. Basic price of machinery excluding all taxes but including design and engineering charges of % 10,000 and loading charges of %…

(a) Mr. Nagarjun, a registered supplier of Chennai, has received the 7 following amounts in respect of the activities undertaken by him during the month ended on 30" September, 2017 : S. No. Particulars Amount 60) Amount charged for service provided to 50,000 recognized sports body as selector of national team. (ii) Commission received as an insurance agent from 65,000 insurance company. (iii) |Amount charged as business correspondent for the 15,000 services provided to the urban branch of a nationalized…

Company Ltd. of Bengaluru is a manufacturer and registered 10 supplier of machine. It has provided the following details for the month of November, 2017. Details of GST paid on inward supplies during the month : Items GST Paid Health Insurance of factory employees. 20,000 Raw materials for which invoice has been received} 18,000 and GST has also been paid for full amount but only 50% of material has been received, remaining 50% will be received in next month. Work…

(2) In the case at serial number 1, if the importer pays duty and interest within 30 days from the date of communication of the order. (3) The value of imported goods declared is higher than the value determined by Customs. Value determined by Customs is % 15,00,000 but the value declared by Suraj is 7 20,00,000. (4) The value of prohibited goods was declared as 20,00,000 and the actual value determined was % 15,00,000. (5) The imported goods are…

5. (a) Examine the implications as regards the bailability and quantum of 5 punishment on prosecution, in respect of the following cases pertaining to the period December, 2017 under CGST Act, 2017; (i) ‘X’ collects % 245 lakh as tax from its clients and deposits % 241 lakh with the Central Government. It is found that he has falsified financial records and has not maintained proper records. (ii) ‘Y’ collects 550 lakh as tax from its clients but deposits only…