M.Com DCM7205 INDIRECT TAXES GST

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SESSION July 2023
PROGRAM master of commerce (M com)
SEMESTER IV
course CODE & NAME DCM7205 – INDIRECT TAXES : GST
CREDITS 4
nUMBER OF ASSIGNMENTS & Marks 02

30 Marks each

 

 

 

Set – 1

 

  1. How has GST revolutionized the tax system in India. Explain with illustrations and detail the benefits 10

Ans 1.

The Goods and Services Tax (GST) has revolutionized the tax system in India by replacing multiple indirect taxes levied by the central and state governments with a single, comprehensive tax. Prior to GST, there were numerous taxes such as Value Added Tax (VAT), Central Sales Tax (CST), Excise Duty, Service Tax, etc., each having its own compliance requirements and tax rates.

GST was introduced on July 1, 2017, and is a destination-based tax, meaning it is levied at

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2a. (i)Explain in detail the constitution and functions of GST council or

(ii)What are the principles of Indirect tax

Ans 2a.

(i) Constitution and Functions of GST Council:

The Goods and Services Tax (GST) Council is a constitutional body created under Article 279A of the Constitution of India. It was established by the Constitution (One Hundred and First Amendment) Act, 2016.

 

2b.Distinguish Mixed and Composite Supply, explain taxation thereon and illustrate with a few transactions            5+5     

Ans 2b.

Mixed and Composite Supply are two types of bundled supplies which are treated differently under the Goods and Services Tax (GST) law.

  1. Mixed Supply: This is a combination of two or more goods or services or both,

 

 

  1. Give a detailed analysis of Scope of Supply under GST

Ans 3.

The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. It is imposed on the supply of goods and services, and it has replaced several indirect taxes such as VAT, excise duty, and service tax. Understanding the scope of supply is crucial for determining the applicability of GST.

Scope of Supply under GST:

The scope of supply under GST includes all forms of supply of goods or services or both,

 

 

Set – 2

 

  1. How should inward and outward supplies be furnished to department. Who is required to furnish this information. 10

Ans 4.

In India, the Goods and Services Tax (GST) is a comprehensive indirect tax that has replaced various other indirect taxes in the country. The GST regime requires businesses to file various returns detailing the inward and outward supplies of goods and services. These returns help in the computation of tax liability.

Inward and Outward Supplies:

Inward Supplies: These refer to the purchase of goods and services by a taxpayer. These are

 

  1. Analyse the provisions regarding apportionment of credit, blocked credit and utilization of ITC

Ans 5.

Input Tax Credit (ITC) is a fundamental concept in the Goods and Services Tax (GST) regime. It is the credit that a business receives for the taxes paid on the inputs and input services used in the course of business. The provisions regarding the apportionment of credit, blocked credit, and utilization of ITC are crucial to ensure the smooth functioning of the tax system and to prevent tax evasion and double taxation.

 

  1. Discuss in detail about the Refund and recoveries under Customs law

Ans 6.

Refund and recoveries under customs law are crucial components that ensure the smooth functioning of international trade and customs compliance. Customs law governs the movement of goods and services across international borders, imposing duties and taxes to regulate trade, protect domestic industries, and generate revenue for the government. However, there are instances where businesses and individuals may be eligible for a refund of

 

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