Indirect Tax Laws - May 2018 MTP

V-Supply Pvt. Ltd. is a registered manufacturer of auto parts in Kolkata, West Bengal. The company has a manufacturing facility registered under Factories Act, 1948 in Kolkata. It procures its inputs indigenously from both registered and unregistered suppliers located within as well as outside West Bengal as also imports some raw material from China. The company reports the following details for the month of November, 20XX: Payments ` (in lakh) Receipts Raw material Consumables 3.5 Sales 1.25 Transportation charges for…

Exchange rate notified by CBEC and rate of basic duty is as follows: Date of Bill of Entry Exchange Rate in ` 08.09.20XX 20% 60 Date of arrival of aircraft Exchange Rate in ` 30.09.20XX 10% 62 The inter-bank rate was 1 USD = ` 63

Alok Pvt. Ltd., a registered manufacturer, sent steel cabinets worth ` 50 lakh under a delivery challan to M/s Prem Tools, a registered job worker, for job work on 28.01.20XX. The scope of job work included mounting the steel cabinets on a metal frame and sending the mounted panels back to Alok Pvt. Ltd. The metal frame is to be supplied by M/s Prem Tools. M/s Prem Tools has agreed to a consideration of ` 5 lakh for the entire…