Indirect Taxes/ Objective 1 S.Y.B.Com.

/Semester IV (2021-22)

INDIRECT TAXES
S.Y.B.COM. SEMESTER- IV

UNIVERSITY PAPERS & OBJECTIVE MATERIAL

END SEMESTER EXAMINATION - APRIL 2018
SECTION - I
Q1. Answer the following briefly. (2.5 Marks each) (10)
(a) Define the term "Goods" under the CGST Act,2017.
(b) What is the time limit for issue of Invoice for supply of goods under the CGST Act,
2017 ?
(c) Explain the term "Inter-state Supply" under the IGST Act, 2017.
(d) Define the term "Goods" under the Customs Act, 1962.
Q2 (a) Explain the Salient Features of Goods and Services Tax. (10)
(b) Explain the need of Introduction of Goods and Services Tax in India. (05)
OR
Q2 (a) Mr.Paresh a manufacturer in Gujarat has supplied goods valued Rs.3,50,000 to Mr.
Haresh a dealer in Gujarat. Mr. Haresh supplied the said goods to Mr. Gopal in Madhya
Pradesh after making value addition of 30%. Mr. Gopal further supplied the goods to
Mr. Preet of Madhya Pradesh after making value addition of 25%. You are required to
determine the tax payable by Mr. Paresh, Mr. Haresh and Mr. Gopal in respect of the
said transactions assuming the rate of GST is 18%. Also determine the amount of
revenue earned by Central government, Gujarat Government and Madhya Pradesh
government. (12)
(b) Explain the difference between Direct taxes and Indirect taxes. (03)
Q3 (a) Explain following under the provisions of the CGST Act,2017. (08)
Time of Supply of Goods under forward charge and reverse charge basis. Time of
Supply of Services under forward charge and reverse charge basis.
(b) Explain following under the provisions of the CGST Act,2017. (07)
- Liability to register under GST.
- Nature of registration under GST.
- Cancellation of registration under GST.
OR
Indirect Taxes/Objective 2 S.Y.B.Com./Semester IV (2021-22)
Q3 (a) Mr.Kaushik is manufacturer from Vadodara and his aggregate turnover during the
financial year 2018-19 was Rs.1,28,00,000. Mr.Kaushik wants to take registration under
composition scheme of GST in 2019-20. Further, the details of transactions entered
by him from 1st July 2019 to 30th September, 2019 are as under : (10)
Sr. No. Transaction
1. Goods worth Rs.10,00,000 purchased (excl. of 12% CGST and SGST) from
Harish Associates at Surat on 18/07/2019.
2. Goods worth Rs.5,60,000 purchased (incl. of 12% CGST and SGST) from
Pavan Traders at Surat on 25/08/2019.
3. Goods worth Rs.15,00,000 purchased (excl. of 18% CGST and SGST) from
HSN Enterprises at Vadodara on 10/09/2019.
4. Goods worth Rs.20,00,000 purchased (excl. 18% of IGST) from KK Traders
at Pune on 15/09/2019.
5. Goods worth Rs.5,00,000 sold to ABC Associates of Anand on 10/08/2019.
6. Goods worth Rs.25,00,000 sold to Pavan Enterprises of Valsad on 25/08/
2019.
7. Goods worth Rs.20,00,000 sold to Mahesh Traders of Vadodara on
28/08/2019.
8. Goods worth Rs.15,00,000 sold to K K Enterprise of Halo! on 12/09/2019.
9. Goods worth Rs.5,50,000 sold to Amar Enterprise of Nadiad on 25/09/2019.
Suggest to Mr. Kaushik -
- Whether he is eligible to get registered under the composition levy scheme ?
- If yes, then how much tax he is liable to pay for the quarter ended on 30th
September,2019 ?
- Also clarify that which form of Return he is required to file under composition scheme ?
- What are the due dates for payment of tax and filling of return under composition
scheme ?
(b) How to determine taxable value of supply when the consideration is not solely in money.
(05)
Indirect Taxes/ Objective 3 S.Y.B.Com./Semester IV (2021-22)

END SEMESTER EXAMINATION - APRIL 2019

SECTION - I
Q-1 Answer the following questions in short (2.5 Marks each) (10)
(a) Define the term “Person” under the CGST Act,2017
(b) Explain the time of supply of goods when GST is payable under reverse charge
mechenisam.
(c) Define “Input Tax” “ under the CGST Act, 2017.
(d) Define the term “Imported goods” under the Customs Act, 1962.
Q-2(a) Explain the features of Goods and Service Tax. (10)
(b) Explain any five points of difference between Direct taxes and Indirect taxes. (5)
OR
Q-2(a) Mr.Ashok a manufacturer in Vadodara has supplied goods valued Rs.6,50,000 to Mr.
Umesh a dealer in Bhavnagar. Mr.Umesh has supplied the said goods to Mr. Bhavin
in Bhopal (Madhya Pradesh) after making value addition of 25%. Mr.Bhavin further
supplied the goods to Mr. Aliasagar of Indore (Madhya Pradesh) after making value
addition of 35%. You are required to determine the tax payable by Mr. Ashok, Mr.
Umesh and Mr. Bhavin in respect of the said transactions assuming the rate of GST is
18%. Also determine the amount of revenue earned by Central government, Gujarat
Government and Madhya Pradesh government. (15)
Q-3(a) Explain following under the provisions of the CGST Act,2017 (8)
- Time of Supply of Goods under forward charge basis
- Time of Supply of Services under forward charge and reverse charge basis
(b) Explain following in relation to Registration Under GST (7)
- Advantages of Registration
- Liability to Register Under GST
- Nature of Registration
OR
Indirect Taxes/Objective 4 S.Y.B.Com./Semester IV (2021-22)
Q-3(a) On July 10, 2019, Mr.Ashish of Padra (Gujarat) supplies 35 tons of a chemical to
Mr.Bhavik (of Madurai) at the rate of Rs.80,000 per ton. Besides, he charges the
following: freight: Rs.4,15,000 ,packing charges : Rs.75,000, Weighing charges:
Rs.30,000, Inspection charges:12,000 cost of an instrument which is specially
purchased by Mr.Ashish to manufacture this chemical : Rs.1,50,000 (this instrument
cannot be used for other purpose) Inspection charges are directly borne by Mr.Bhavik
and not included in Invoice. State government has paid a subsidy of Rs.40,00,000 to
Mr.Ashish to set up a chemical manufacturing plant in Padra (Gujarat). This subsidy
was paid during 2018-19. Mr.Bhavik is required to make payment within 15 days of
supply. However the payment is made in October 2019 and for late payment Mr.Ashish,
charges interest of Rs.25,000. Mr. Ashish has also given a Discount of Rs.18,000 to
Mr.Bhavik for above transaction. Calculate the value for GST. (8)
(b) Write a short note on composition Levy under GST (7)
Indirect Taxes/ Objective 5 S.Y.B.Com./Semester IV (2021-22)

OBJECTIVE MATERIAL UNIT - 3 & 4

1. Gst is a ______ based tax on consumption of goods and services.
(a) Origin (b) Destibnation (c) Supply
(d) Both (b) and (c) are correct
2. Which of the following tax is not subsumed in GST ?
(a) Value Added tax (b) Basic Customs Duty (BCD)
(c) Additional Customs Duty. Commonly known as Countervailing Duty (CVD)
(d) Special Additional Duty of Customs – 4% (SAD)
3. Goods and Services tax means a tax on ________ of goods or services or both.
(a) Sale (b) Transfer (c) Supply (d)All of the above
4. _________ shall be levied on inter – State branch transefers.
(a) IGST (b) CGST (c) UTGST (d) SGST
5. Which Article of the Indian Constitution empowers the Government of India to levy
IGST in case of inter – State supply?
(a) Article 246A (b) Article 279
(c) Article 269A(1) (d) Article 266(26A)
6. What can be the maximum rate of IGST that can be levied?
(a) 28% (b) 40% (c) 20% (d) 50%
7. Which website is used for filing Gst Return?
(a) www.cbic.gov.in (b) www.gst.gov.in
(c) www.gstcouncil.gov.in (d) www.cbdt.gov.in
8. What is the meaning of the cascading effect?
(a) Charging tax on tax (b) Dual taxation
(c) Non - eligible of ITC (d) None of the above
9. What is the taxable event under GST?
(a) Manufacturing of goods (b) Sales of goods
(c) Provision of Services (d) Supply
10. Supplier within the meaning of supply includes
(a) Person supplying goods (b) Person providing services
(c) Both (d) None of the above
11. What are the supplies to which the reverse charge mechanism could be applied?
(a) Inward supplies of Goods or Services or both
(b) Outward Supplies of Goods or Services or both
(c) Both the above (d) None of the above
12. Input tax credit in case of reverse charge mechanism can be availed by
(a) Supplier of the Goods / Services
(b) Recipient of Goods / Services (c) Both (d) None
Indirect Taxes/Objective 6 S.Y.B.Com./Semester IV (2021-22)
13. Is the below statement correct: “ A person is not required to obtain registration if he is
required to pay tax under reverse charge but he has not exceeded his threshold limit”
(a) Incorrect, the person is required to take required to take registration &
pay tax under reverse charge irrespective the fact that threshold is crossed
or not.
(b) Incorrect, if the person is required to pay tax under reverse charge exceeds the
threshold limit.
(c) Above statement is correct
(d) Correct, a person is required to obtain registration if he is required to pay tax under
reverse charge and, he is making taxable supplies irrespective of the threshold limit.
14. Is the available to the supplier, supplying goods/ services under Reverse Charge
Mechanism
(a) Yes (b) No (c) Not applicable
(d) Yes, if permitted by the authority
15. MrA. is liable to pay tax under Reverse Charge Mechanism. What shall be the threshold
limit applicable for registration of Mr A.?
(a) 20 lakhs (b) 10lakhs (c) 50 lakhs
(d) No Threshold
16. What is the amount of Input tax credit available to a composition dealer following under
Reverse charge mechanism?
(a) 100% of tax paid (b) 50% of tax paid
(c) NIL (d) Some portion of tax paid
17. Reverse Charge is applicable on __________.
(a) Inter and Intra – state Supplies (b) Only on inter – state supplies
(c) Supplies in States (d) Supplies in non-taxable territory
18. Can the option to pay tax under composition levy be exercised at any time of the year ?
(a) Yes (b) No
(c) Any one of the above (depending on the situation)
(d) Yes, subject to prior approval of the Central Government
19. Can a person paying tax under composition levy withdraw voluntarily from the scheme?
(a) Yes (b) No (c) Maybe
(d) Yes, subject to prior approval of the Central Government
20. Calculate the tax to be paid by Mr. A, a composition dealer who id involved in trading
of garments. Details of his business is as below:
Purchases = Rs. 30,000 (including Gst of 4,500)
Cost of Production sold = Rs. 7,00,000.
Invoice value = Rs. 9,00,000
(a) Rs.3,000 (b) Rs.7,000 (c) Rs.9,000 (d) Rs.2,542
Indirect Taxes/ Objective 7 S.Y.B.Com./Semester IV (2021-22)
21. Which section governs the prvisions regarding determining time of supply of goods?
(a) Section 12 (b) Section 13 (c) Section 14 (d) Section 15
22. Reverse charge means the liability to pay tax by the _______ of goods or services or
both instead of the ______ of such goods or services or both.
(a) Recipient, Supplier (b) Recipient, Agent
(c) Supplier, Recipient (d) Agent, Recipient
23. The time limit to pay the value of supply with taxes to avail the input tax credit?
(a) Three months (b) Six Months
(c) One hundred and eighty days (d) Till the date of filing of Annual Return
24. Whether depreciation on tax component of capital goods and Plant and Machinery
and whether Input tax credit is Permissible?
(a) Yes (b) No
(c) Input tax credit is eligible if depreciation on tax component is not availed
(d) None of the above
25. What is the maximum time limit to claim the Input tax credit?
(a) Till the date of filing annual return
(b) Due date of September month which is following the financial year
(c) Earlier of (a) or (b) (d) Later of (a) or (b)
26. Is it mandatory the tax on the supply has to be paid by the supplier has to be paid by
the supplier so that the recipient can claim credit?
(a) No (b) Yes
(c) Optional (d) Not Applicable
27. Input Tax Credit as credited in Electronic Credit Ledger can be utilized for
(a) Payment of Interest (b) Payment of
(c) Payment of Fine (d) Payment of Taxes
28. ABC Pvt. Ltd. Is engaged in making Chocolates. The company on Diwali, distributed
the same chocolates to its employees, Can the company claim ITC in respect to the
inputs used in making gifts?
(a) Yes (b) No
(c) Maybe (d) Company’s discretion
29. True or false: A person cannot take ITC with respect to goods given as gift or free
samples.
(a) True (b) False (c) Partially correct
(d) None of the above
30. What is the validity of the registration certificate?
(a) One year (b) NO Validity
(c) Valid till it is cancelled (d) Five years.
Indirect Taxes/Objective 8 S.Y.B.Com./Semester IV (2021-22)
31. Mr. A , a registered person omitted to take the ITC of the August 20XX month. He has
filed his GST annual return on 30th June, 20XX. By when he could have availed the
ITC?
(a) 30th June, 20XX (b) 20th October, 20XX
(c) 30th September, 20XX (d) 31st July, 20XX
32. Mr. A received an order worth Rs.1 Crore from Mr. X he received an advance of
Rs.10 lacs in this regard and accordingly paid the tax to the Government under reverse
charge. Can Mr. X claim ITC in respect to tax paid on advance by Mr. A?
(a) Yes (b) No (c) Maybe
(d) Yes, with permission of Jurisdictional officer
33. Mr.A of Delhi placed an order with Mr. V of Delhi on 1st April 20XX and asks him to
deliver the goods to Mr. C of UP. The goods get delivered to Mr.C on 3rd may 20XX.
Who shall be eligiable to claim the credit on this supply?
(a) Mr. A (b) Mr. B
(c) Mr. C (d) Either (a) or (c)
34. Mr. A, non -resident taxable person bought goods from USA for the trade fair to be
organized in Pune. At the customs, he paid IGST. Will he get the credit of the IGST
paid?
(a) Yes (b) No (c) Maybe
(d) Yes, with permission of Customs
MCQS
35. What is meant by IGST?
(a) Intermediate Goods and Services Tax
(b) Integrated Goods and Services Tax
(c) Intelligent Goods and Services Tax
(d) International Goods and Services Tax
36. Under which year IGST falls?
(a) 2020 (b) 2018 (c) 2019 (d) 2017
37. Between whom Revenue collected from IGST will be divided?
(a) State and Central Government (b) State Government
(c) Central Government (d) Local Government
38. Which type of GST will be charged on transfer of Goods and services from one state
to another state?
(a) CGST (b) SGST (c) IGST (d) UTGST
39. When goods transfer from Panjab to Kerala then which GST attract?
(a) CGST (b) SGST (c) IGST (d) UTGST
Indirect Taxes/ Objective 9 S.Y.B.Com./Semester IV (2021-22)
40. By which government IGST will be collected?
(a) State and Central Government (b) State Government
(c) Central Government (d) Local Government
41. Which type of GST applicable when the location of supplier and place of supply is
situated In different state?
(a) CGST (b) SGST (c) IGST (d) UTGST
42. When the location of the supplier and the place of supply are in two different state/
union territories then such supply shall be treated as which supply?
(a) Inter state supply (b) Intra state supply
(c) International supply (d) None
43. When goods and services supplies to or by SEZs are defined as which supply?
(a) Inter state supply (b) Intra state supply
(c) International supply(D) None
44. When goods or services supplies to international tourist then which supply can attract?
(a) Inter state supply (b) Intra state supply
(c) International supply(D) None
45. Mr.A of Ahmedabad received purchase order from Mr.B from Bikaner for want of
commercial goods. Now supply involves movement of goods by supplier from
Ahmedabad to Bikaner In a truck by road. Say place of supply and which GST will be
levied?
(a) Ahmedabad, SGST (b) Bikaner, IGST
(c) Ahmedabad ,IGST (d) Bikaner, SGST
46. P and Q both are located in Maharashtra .Q comes to shop of P delivered goods to
Q. What is the place of supply of goods and which levy will attract?
(a) Maharashtra, IGST (b) Maharashtra, SGST
(c) Maharashtra, CGST (d) Maharashtra, UTGST
47. Mr. R. of Rajasthan supplied goods to M/s Indigo Airlines of Rajasthan, flying between
Delhi-Mumbai .The goods are loaded In the air craft in Delhi. Find the place of supply
of goods and levy of tax.
(a) Rajasthan, IGST (b) Delhi, SGST
(c) Mumbai, IGST (d) Delhi, IGST
48. To whom Exports and supplies are considered as 'Zero rated supply'?
(a) WTO (b) MNC (c) SEZ (d) GATT
49. What is the highest rate of IGST in present?
(a) 40% (b) 28% (c) 24% (d) 18%
50. On Petroleum crude, diesel, petrol how many percentage GST imposed?
(a) 8% (b) 18% (c) 12% (d) 0%
Indirect Taxes/Objective 10 S.Y.B.Com./Semester IV (2021-22)
51. When GST is payable by the recipient of goods and services what it called?
(a) Reverse charge (b) Same charge (c) Payment (d) None
52. What is payable by a person who is neither a supplier of goods or services nor a
recipient of goods or services or both?
(a) GST (b) Reverse charge (c) Custom Duty (d) None
53. Whose basic concept is to avoid the cascading effect of duty?
(a) CGST (b) SGST (c) IGST (d) ITC
54. As per Rule 37, if depreciation claimed on tax component then ______
(a) ITC allowed (b) ITC not allowed
(c) GST allowed (d) None
55. At what rate of interest does the registerd person shall be liable to pay for the period
starting from the date of availing credit on such supplies till the date when the amount
added to the output tax liability?
(a) 20% p.a. (b) 18% p.a. (c) 18 % p.m. (d) 20% p.m.
56. When goods received in lots than ITC available only on the receipt of _______
(a) first lot (b) second lot (c) last lot (d) not applicable
57. In how many days the registered person must pay the supplier, the value of the goods
and /or services along with the tax from the date of issue of invoice?
(a) 80 (b) 180 (c) 100 (d) immeditely
58. Full form of ITC is____
(a) Index Tax Currency (b) Input Tax Credit
(c) International Tax credit (d) Index Tax Complain
Indirect Taxes/ Objective 11 S.Y.B.Com./Semester IV (2021-22)
UNIT-4
1. Central board of indirect taxes and customes(CBIC) has been constituted under which
of the following acts?
(a) Central board of revenue Act,1963 (b) Constitution of India
(c) Companies Act (d) None
2. The lower watermark along the coast is called as ____
(a) coastline (b) Baseline (c) Economic line (d) None
3. Indian Customs waters extend___
(a) up to 12 nautical miles (b) up to 24 nautical miles
(c) upto exclusive economic Zone of india (d) None
4. Who appoints officers of the customes as per section 4(1) of the customs Act 1962?
(a) CBIC (b) CBEC
(c) CBDT (d)Central government
5. If board authorized ,then the custom officers below the rank of Assistant Commissioner
of Customs may be appointed by_____
(a) Chief Commissioner of Custom
(b) Principal Chief Commissioner of customs
(c) Joint Commissioner of Customs (d) Any of the above
6. Indian customs waters cover____
(a) Indian territorial waters (b) Exclusive Economic Zone
(c) Both (A) and (B) (d) None
7. The customs duty is considered to be levied on ___
(a) goods imported (b) person importing the goods
(c) Person paying the duty (d) All of the above
8. Which of the following imports is/are exempted from custom duty?
(a) By Indian navy (b) By ministry of Defence
(c) By Coastal Guard (d) All of the above
9. The goods/services at which GST compensation cess is applicable, at notified by___
(a) Central Government (b) CBIC
(c) GST council (d) State Government
10. Which of the following Tax/cess would not be included while computing the assessable
value for computation of integrated tax and GST compensation cess?
(a) Tax under section 3(7) of custom Tariff Act
(b) Tax under section 3(9) of the custom Tariff Act
(c) Both (A) and (B) (d) Basic custom duty
11. The custom Duties are
(a) Revenue duties (b) Protective duties
(c) Both (A) and (B) (d) National duties
Indirect Taxes/Objective 12 S.Y.B.Com./Semester IV (2021-22)
12. Section 110 of Finance Act,2018 w.e.f. 2nd February 2018 have levied ______ on
imported goods which is a duty of customs levied for the purpose of the union on the
goods specified in the first schedule with the customs performing Act 1975 being goods
imported into India.
(a) Anti-Dumping Duty (b) Paid command duty
(c) IGST and GST compensation Cess (d) Social welfare surcharge
13. With effect from 2nd Feb 2018,all goods Imorted into India have been exempted from
EC and SHEC. In place of this, which has/have been introduce?
(a) Social Welfare Surcharge (b) Road and infra -structure cess
(c) Both (A) and (B) (d) None
14. The Assessable value of imported goods is Rs. 8,00,000. The basic custom duty is
10% with IGST u/s 3(7) at 12% and social welfare surcharge at 10%.calculate the total
customs duty.
(a) 9,85,600 (b) 9,94,560 (c) 1,94,560 (d) None
15. The CBIC notifies the currency conversion rates periodically, generally every____
(a) Day (b) Week (c) Fortnight (d) Month
16. Under customs the terms "Goods" does not include_____
(a) Vessels, aircraft and vehicles
(b) Currency and negotiable instruments (c) Baggage (d) None
17. "Dutiable goods" means
(a) All imported goods
(b) Any goods which are chargeable to duty and on which duty has been paid.
(c) Any goods which are chargeable to duty and on which duty has not been paid
(d) Any goods which are chargeable to duty and on which proper amount duty has
been paid
18. As per section 2(22) of the customs Act,1962,"goods"includes
(a) Vessels, aircraft and vehicles
(b) Currency and negotiable instruments
(c) Baggage (d) Any of the above
19. Safeguard duty is a duty paid on ____
(a) Import goods into India (b) Export goods out of India
(c) (A) or (B) (d) (A) and (B)
20. Which of the following is the charging section of the customsAct,1962 for levy of customs
duty?
(a) Section 11 (b) Section 12 (c) Section 14 (d) Section 19
Indirect Taxes/ Objective 13 S.Y.B.Com./Semester IV (2021-22)
21. Section 12 of Customs Act 1962 deals with____?
(a) Dutiable goods (b) Goods wreck,derelict etc
(c) Interest on delayed refunds (d) None
22. The limit of exclusive economic zone of India is _____ from the nearest point of the
baseline.
(a) 200 nautical miles (b) 12 nautical miles
(c) 24 nautical miles (d) 100 nautical miles
23. Which Act was enacted by the Parliament in 1962,as per the list I of the Union List?
(a) GST (b) Customs Act (c) Surcharge Act
(d) Excise Duty Act
24. To whom the power given to levy duties of Customs including export duties as per
entry 83 of the Union List of 7th schedule?
(a) State Government (b) Municipal corporation
(c) Central Government (d) None
25. Full form of CBIC is
(a) Central Board of Indirect Tax & Customs (c) None
(b) Central Border of India & Chine (d) Chief Board of Intelligent Centre
26. As per section 157 of Customs Act 1962, who has been empowered to make
regulations, consistent with provisions of the Act?
(a) State Government (b) Central Government
(c) Central Board of Indirect Tax & Customs (d) None
27. By whom Central Board of Excise and Customs has been substituted ?
(a) State Government (b) Central Government
(c) Central Board of Indirect Tax & Customs (d) None
28. From when Central Board of Excise and Customs has been substituted by Central
Board of Indirect Tax & Customs?
(a) 29-3-2018 (b) 31-3-2018 (c) 29-3-2017 (d) None
29. Who has the power to issue the Public notice(called trade notices)?
(a) Commissioner of Customs (b) Agent of customs
(c) Clerk of Customs (d) Peon of Customs
30. Customs Duty charged on _____
(a) Services (b) Goods
(c) Goods and Services (d) None
31. Duties of customs shall be levied __
(a) On goods imported and Exported from India
(b) at such rates as may be specified under customs Tariff Act 1975
(c) (A) and (B) (d) None
Indirect Taxes/Objective 14 S.Y.B.Com./Semester IV (2021-22)
32. The customs Act ,1962 provision regarding
(a) Levy & collection of duties (b) Prohibition on Import & Export
(c) Import & Export Procedures (d) Appeal,Demand,Refund etc
(e) All of above
33. Full form of EEZ is____
(a) Exclusive Economic Zone (b) Executive Economic Zone
(c) Export Economic Zone (d) None
34. Territorial Waters of India extended to ____ NMs into sea from appropriate base line,
(a) 12 NMs (b) 24 NMs (c) 200 NMs (d) None
35. Indian customs waters cover _____
(a) EEZ (b) TWI (c) EEZ & TWI (d) None
36. Area beyond 200 NMs from baseline , how all countries have rights in this area ?
(a) Equal (b) Unequal
(c) Proportionate (d) None
37. Import/Export is commence/completed when goods crosses_____
(a) EEZ (b) TWI (c) EEZ & TWI (d) None
38. Baggage are belonging with which a person travels but what does not included ?
(a) Vessels (b) Motor car (c) Air craft (d) None
39. Any goods which are to be taken out of India to a place out side India is Called___
(a) Export (b) Import (c) Transport (d) None
40. Any goods which are to be brought into India from a place out side India is Called___
(a) Export (b) Import (c) Transport (d) None
41. Goods transported in a vessel from one port In India to another port is called____
(a) Export (b) Import (c) Costal goods (d) None
42. Goods which are brought to India through any vessel or aircraft but not unloaded into
India is called____
(a) Export (b) Transit goods (c) Transport (d) None
43. Goods are unloaded in India but those are to be some other place whether in India or
abroad is called___
(a) Transshipment goods (b) Import
(c) Transport (d) None
44. Import Duties rate are given in which schedule of Customs Tariff Act,1975?
(a) I (b) II (c) III (d) VI
45. Export Duties rate are given in which schedule of Customs Tariff Act,1975?
(a) I (b) II (c) III (d) VI
46. What has replaced EC & SHEC ?
(a) Social Welfare Surcharge (b) GST
(c) Customs Duty (d) None
Indirect Taxes/ Objective 15 S.Y.B.Com./Semester IV (2021-22)
47. Social Welfare Surcharge is not levied on ___ goods.
(a) Export (b) Import (c) Costal goods (d) None
48. ____ has subsumsed various duties including CVD & SAD of customs
(a) IGST (b) Customs Act (c) Surcharge Act
(d) Excise Duty Act49.
49. If on final determination ,As per whose opinion that increased imports have not caused
or threatened to cause serious injury to domestic industries. It shall refund collected
safeguard duty.
(a) State Government (b) Central Government
(c) Central Board of Indirect Tax & Customs (d) None
50. Where any articles exported by an exporter to India at less than its normal value, then
central government impose which duty?
(a) IGST (b) Safe guard duty
(c) Social welfare surcharge (d) Anti dumping duty
51. On recommendation of tariff commission, which duties can be imposed by central
government to protect interest of any industries established in India?
(a) Protective duties (b) Safe guard duty
(c) Social welfare surcharge (d) Anti dumping duty
52. Who fixed exchange rate for foreign trade in India?
(a) CBIC (b) Central Board
(c) Reserve bank of India (d) None
53. Which duty levied if articles are imported into India by getting the subsidies from other
country?
(a) CVD(Countervailing Duty) (b) Safe guard duty
(c) Social welfare surcharge (d) Anti dumping duty
 Indirect Taxes/Objective 16 S.Y.B.Com./Semester IV (2021-22)
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