DCM2201 INDIRECT TAXES

Description

SESSION	September 2023
PROGRAM	bACHELOR OF COMMERCE
SEMESTER	IV
course CODE & NAME	DCM2201, iNDIRECT taXES
CREDITS	4

 

Set – 1^st

Questions

 

1. How the GST has completely changed India’s tax structure. Describe the advantages of GST.

Ans: The Goods and Services Tax (GST) has indeed brought about a significant transformation in India’s tax structure since its implementation on July 1, 2017. Prior to GST, India had a complex and multi-layered tax system that included various indirect taxes at the central and state levels. The introduction of GST aimed to streamline and simplify the tax structure, creating a unified and harmonized taxation system across the country.

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2. Discuss the provisions for determination of place of supply of goods in the domestic transactions.

Ans:The determination of the place of supply of goods is crucial under the Goods and Services Tax (GST) regime as it helps in deciding the applicable tax jurisdiction and rate. The place of supply rules ensure that the correct GST is levied on a transaction. In the context of domestic transactions within India, the provisions for determining the place of supply of goods are outlined in the GST law.

Here are the key provisions: 

1. Location of the

 

 

3. Explain the provisions with respect to reverse charge Mechanism in case of Goods and Service.

Ans:The reverse charge mechanism under the Goods and Services Tax (GST) is a unique concept where the liability to pay tax is shifted from the supplier to the recipient. In the reverse charge mechanism, the recipient of the goods or services becomes liable to pay the tax instead of the supplier. This mechanism is applicable in specific cases and for certain categories of supplies.

Here are the key

 

 

 

Set – 2^nd

Questions

4. What is Return? Discuss the first, annual and final returns.

Ans:In the context of the Goods and Services Tax (GST) system, a return is a document that a taxpayer is required to file with the tax authorities, containing details of income, tax paid, and other relevant information. GST returns play a crucial role in the compliance framework, as they help the tax authorities in the assessment of tax liability, input tax credit reconciliation, and overall monitoring of tax transactions.

Here’s an overview of different types of GST returns, including first returns, annual returns, and final

 

 

5. Who is an Input service distributor and what the benefit of registration as an ISD is.

Ans: An Input Service Distributor (ISD) is a concept under the Goods and Services Tax (GST) system in India. An ISD is an office of the supplier of goods or services which receives tax invoices for input services and distributes the credit of central tax (CGST), state tax (SGST)/union territory tax (UTGST), and integrated tax (IGST) paid on such services to its various branches or units (called recipient units).

Key characteristics

 

 

6. A valid tax invoice has to contain specific contents. Discuss this in detail.

Ans:A valid tax invoice is a crucial document under the Goods and Services Tax (GST) system in India. It is issued by a registered supplier of goods or services to the recipient and is used for the reporting and claiming of Input Tax Credit (ITC). A tax invoice needs to adhere to specific requirements as per the GST law to be considered valid.

Here are the key details that