In my opinion, Question 2(a) Point 5th Services of Guest house for lodging purpose will be exempt since tariff is 800 per day which is less than 1000 per day.
Sir in question 4(b), it was not given it was used in India, so I assumed it was used for repair/treatment/process without using in India , and assumed POS to be loc of recipient. Is that right sir? As in another institute question, they gave used in India, but here nothing given like that
Good morning sir Doudt on ITC availment As per Proviso to sec16 which sates that goods against an invoice received in lots or installment, the registered person shall be entitled to take credit upon receipt of last lot or installment. But, sir you have taken the credit on 600000 as the last intallment of goods costing 100000 was received in May and ITC should be entitled on receipt of such installment as per stated Proviso. If possible can u please ellaborate on it.
Anna, my humble opinion on question 4c: Section 27A says "The interest is to be paid for the period beginning from the date immediately after the expiry of 3 months from the date of receipt of such application, till the date of refund of such duty. For the purpose of payment of interest, the application is deemed to have been received on the date on which a complete application, as acknowledged by the proper officer of customs, has been made." In this case, acknowledgement by Proper Officer was made on 5th November, 2023. Hence, it should be taken as the date of application. Anna, correct me if I am wrong.
Subject to sub-section (5), if any refundable amount referred to in clause (a) of sub-section (2) is not refunded under that sub-section within three months from the date of assessment of duty finally, there shall be paid an interest on such unrefunded amount at such rate fixed by the Central Government under section 27-A till the date of refund of such amount.
@@THARUNSBRAINERY Anna, the issue is about when the date of application is considered. Because there is a deficiency in the application and they were communicated to the applicant and the additional documents were submitted by the applicant, proper officer acknowledged on 5th November, 2023. "For the purpose of payment of interest, the application is deemed to have been received on the date on which a complete application, as acknowledged by the proper officer of customs, has been made." Its clearly mentioned in the Study Material that for the purpose of payment of interest, the application date is date on which a complete application as acknowledged by PO has been made. That's why I got this doubt. Thank you for your clarification.
Sir my doubt is sir As it is given that 2000 extra was charged extra IN CONTRACTED CIF PRICE,can we assume that 2000 extra already included in 20,000 CIF price and don't add it to CIF again?
Sir.. The customs provisional assessment, i did the calculate as: first counted 90 days from the date of final assessment and then from 91st day till date kf refund i computed interest and got 590 rupees.. Will i get zero marks sir? Because in my calculation i took two days extra? (72 instead of 70?)
Hi sir, i have a doubt in Q.1. the Qn says, the company wants to pay minimum SGST as much as possible, so I utilised the entire IGST credit towards SGST liability only. Is that correct?
In question no 4(b) I have written the conditions of export of service and finally while concluding I had we that place of supply I have written pos as location of recipient. Is it correct. How much icai will give
Sir in the first transaction in the inward supplies,all the invoices were received on 30th April 24 right so we can take itc in the year 24-25 only regarding 600000 and for 100000 whenever we receive right.
Section 27A is for Sec 27 which is normal refund. But refund on account of provisional assessment is covered under section 18 and there the rate is as per sec 27A
Sir for margin calculation in case of sale of 2nd hand goods should we take purchase price or depreciated value? You are mentioning the depreciated value here.
Sir in one of the mcq's, gstr 3b late filed still section 73 attracted but why when tax already been paid before issue of scn... & then what's the meaning of wordings that " sec 73 generally not attracted for late filing of gstr-3b... & it's also given that 73(11) shall attract only when sec 73 attracted... Plz make a separate video to clarify this issue plz request sir🙏🙏🙏
There are multiple options available for officer to recover self assessed tax. Either they can do Best judgement assessment under section 62 or can initiate recovery under section 73 or can initiate direct recovery under section 79 without passing order.
@@THARUNSBRAINERYsir if we read the language of question, it says 2,000 is included in the CIF. Hence, isn't it reasonable to interpret that 2000 is included in 20,000 CIF?
@@pareekshith_Gururaj Boss... it is no where mentioned 2000 is included in CIF. Infact it clearly mentioned right next to the figure 2000 as "CHARGED EXTRA"...
@@naveen5086 In Study Material, its said that "Tea used for making beverage, such as black tea, green tea, white tea is a processed product....................... Thus, green tea leaves and not tea is the "agricultural produce" eligible for exemption under Entry 54 where such exemption is available for loading, unloading, packing, storage or warehousing of agricultural produce." He read that and misunderstood it. He confused "green tea" with "green tea leaves (which refers to just tea leaves which looks green when plucked)".
I thought i was the one who overthinks, but one guy commented about whether GREEN TEA or BLACK & WHITE Tea 😭😭😭
In my opinion, Question 2(a) Point 5th Services of Guest house for lodging purpose will be exempt since tariff is 800 per day which is less than 1000 per day.
Less than ₹1000/day was an old exemption and is no longer applicable.
@@advaith_hemanth Okay bro thanks 🙏
Sir in question 4(b), it was not given it was used in India, so I assumed it was used for repair/treatment/process without using in India , and assumed POS to be loc of recipient. Is that right sir? As in another institute question, they gave used in India, but here nothing given like that
@tharunsbrainery sir i have took the same assumption and wrote pos is LOR
Me too
Same
Good morning sir
Doudt on ITC availment
As per Proviso to sec16 which sates that goods against an invoice received in lots or installment, the registered person shall be entitled to take credit upon receipt of last lot or installment.
But, sir you have taken the credit on 600000 as the last intallment of goods costing 100000 was received in May and ITC should be entitled on receipt of such installment as per stated Proviso.
If possible can u please ellaborate on it.
Anna, my humble opinion on question 4c: Section 27A says "The interest is to be paid for the period beginning from the date immediately after the expiry of 3 months from the date of receipt of such application, till the date of refund of such duty. For the purpose of payment of interest, the application is deemed to have been received on the date on which a complete application, as acknowledged by the proper officer of customs, has been made."
In this case, acknowledgement by Proper Officer was made on 5th November, 2023. Hence, it should be taken as the date of application. Anna, correct me if I am wrong.
Subject to sub-section (5), if any refundable amount referred to in clause (a) of sub-section (2) is not refunded under that sub-section within three months from the date of assessment of duty finally, there shall be paid an interest on such unrefunded amount at such rate fixed by the Central Government under section 27-A till the date of refund of such amount.
Just the rate as per Sec 27A but the interest computation is governed under section 18
@@THARUNSBRAINERY Anna, the issue is about when the date of application is considered. Because there is a deficiency in the application and they were communicated to the applicant and the additional documents were submitted by the applicant, proper officer acknowledged on 5th November, 2023.
"For the purpose of payment of interest, the application is deemed to have been received on the date on which a complete application, as acknowledged by the proper officer of customs, has been made."
Its clearly mentioned in the Study Material that for the purpose of payment of interest, the application date is date on which a complete application as acknowledged by PO has been made.
That's why I got this doubt. Thank you for your clarification.
@@மோகன்_குமார் So whether the calculation by taking 49 days is considerable?
@@DarpanShukla-pc8gc That's what I did. Taking 50 days.
Sir, in Question 1, can we assume ITC w.r.t to CSR activities given in Additional information is already included so it should be reduced ?
2(c),2000already guven as included in 20000 then why add again???
Can we assume 20000 include 2000
We are doing that to compare Actual or 20% of FOB whichever is lower
@@THARUNSBRAINERYsir but can we assume 2000 is already included in 20,000?
Sir my doubt is sir
As it is given that 2000 extra was charged extra IN CONTRACTED CIF PRICE,can we assume that 2000 extra already included in 20,000 CIF price and don't add it to CIF again?
@@fasttrack4039 i have also taken same assumption
Extra charge itself means negotiate price by the supplier. You should add this amount without taking any assumptions as per section 14
Sir.. The customs provisional assessment, i did the calculate as: first counted 90 days from the date of final assessment and then from 91st day till date kf refund i computed interest and got 590 rupees.. Will i get zero marks sir? Because in my calculation i took two days extra? (72 instead of 70?)
In question no 3(a) I have written that itc is available and written the calculations of Rs.45,00,000*18%=3,60,000
Hi sir, i have a doubt in Q.1.
the Qn says, the company wants to pay minimum SGST as much as possible, so I utilised the entire IGST credit towards SGST liability only. Is that correct?
Correct (Alternative answers exist because IGST can be utilised in any manner and in any proportion as per Rule 88A)
Thank you sir!
In question no 4(b) I have written the conditions of export of service and finally while concluding I had we that place of supply I have written pos as location of recipient. Is it correct. How much icai will give
Sir in ques 4(c) , Interest will not be leviable from beginning of the month . I.e 1st January ??
Q.2c no of days to be taken is 60 days(jan 16+Feb 29+March 15) and not 70 days... interest occrs from 91st days
In question 2(c) where there is interest computation
Sir
in the first transaction in the inward supplies,all the invoices were received on 30th April 24 right so we can take itc in the year 24-25 only regarding 600000 and for 100000 whenever we receive right.
The question is about computation of net GST payable for April 2024 and not for the financial year
But sir in ques 4c they asked for refund u/s 27A which talks about 3 months from date of acknowledgement why we should refer sec18
Section 27A is for Sec 27 which is normal refund. But refund on account of provisional assessment is covered under section 18 and there the rate is as per sec 27A
@THARUNSBRAINERY ok thanks guru🥰
Sir for margin calculation in case of sale of 2nd hand goods should we take purchase price or depreciated value? You are mentioning the depreciated value here.
You are referring to Rule 32(5) but I am referring to Notification no 8/2018 and it is depreciated value only
@@THARUNSBRAINERY
It is applicable to dealer of second hand goods only.
Question doesn't mention that
Dout in Qu 5(b). I think appeal can be filed to JC(appeals) & not to Commissioner(appeals). So ans is No as it is directly approaching commissioner.
Bro I also did as u did😊
For question no 3(a) I couldn’t do more than that because of time how much Wii icai give .
Sir in 3(b)(c) :- there is a agent not sole agent so how it is relative as supply is made without consideration...
Para 3 of Schedule I "Activities to be treated as Supply even if made without consideration".
Sir in one of the mcq's, gstr 3b late filed still section 73 attracted but why when tax already been paid before issue of scn...
& then what's the meaning of wordings that " sec 73 generally not attracted for late filing of gstr-3b...
& it's also given that 73(11) shall attract only when sec 73 attracted...
Plz make a separate video to clarify this issue plz request sir🙏🙏🙏
There are multiple options available for officer to recover self assessed tax. Either they can do Best judgement assessment under section 62 or can initiate recovery under section 73 or can initiate direct recovery under section 79 without passing order.
Sir can i study idt for nov 24 based on pastsyllabus or should i wait???
Thank you so much sir..in the rocket revision u have covered relevant provisions for the exams.. like regular batch nobody will cover everything.. ❤
Sir can we assume inspection charges have been included in cif value
We cannot assume as the same is not part of contract value
Sir please make vedios for cma final also mighty 50 and other possible questions from every chapter😢...pls sir 🙏
sir 4 a mw hm initial proceding wala ca me pay kr diye kya zero milega kya marks
2(c) was charged already in contracted cif price then y would add again
It is first reduced to find FOB and then added because we need to check for air freight actual or 20% FOB whichever is lower
@@THARUNSBRAINERYsir if we read the language of question, it says 2,000 is included in the CIF. Hence, isn't it reasonable to interpret that 2000 is included in 20,000 CIF?
@@THARUNSBRAINERYsir if we have taken assumption that 2000 $ is included in 20000 then solve accordingly …so shall I get any marks or zero 😢
@@pareekshith_Gururaj Boss... it is no where mentioned 2000 is included in CIF. Infact it clearly mentioned right next to the figure 2000 as "CHARGED EXTRA"...
@@naveen5086 not denying that bro.
I said the question says " 2000 charged extra IN THE CIF" pls recheck this phrase.
Guys in 4(b) , it can be assumed na that it was exported right after the repairs as well
Logically when a condition is not given it can be assumed that the condition is not satisfied
However alternative assumption also possible
Sir green tea is exempt black and white tea is taxable
That information is irrelevant as they are asking about services of warehousing
BLACK AND WHITE TEA AH BRUHHHHH
@@naveen5086 In Study Material, its said that "Tea used for making beverage, such as black tea, green tea, white tea is a processed product....................... Thus, green tea leaves and not tea is the "agricultural produce" eligible for exemption under Entry 54 where such exemption is available for loading, unloading, packing, storage or warehousing of agricultural produce."
He read that and misunderstood it. He confused "green tea" with "green tea leaves (which refers to just tea leaves which looks green when plucked)".
Never ever release mcq answers after the day of exam.for idt because we can't focus on next exam
We released after all CA final exams
Thank you sir 🙏
Thanks guru❤😊