ASSAM VALUE ADDED TAX ACT | UNIT-IV | B. Com 4th Sem INDIRECT TAXES | B.Com 4th Sem GU English Medium Solution |

  UNIT-IV

ASSAM VALUE ADDED TAX ACT 

EXERCISE

A: Objective Type Questions: 

1. State whether the following statements are 'True 'or 'False':

(i) Assam VAT Act, 2003 came into effect from 1st day of May, 2005.

(ii) Registration of a dealer is compulsory under Assam VAT Act irrespective of has their turnover.

(iii) A registered dealer can issue tax invoice to an unregistered dealer in respect www of taxable sales. (iv) News papers are treated as goods under Assam VAT Act 

(v) An unregistered dealer can issue Retail Invoice.

 (vi) According to Section 2 (53) of the Assam VAT Act, 2003, "taxable goods" means goods other than tax-free goods. 

(Ans . (i) True ; (ii) False; ( iii ) False; (iv) False; (v) True; ( vi ) True.] 

2. Fill in the gapes with approriate word/words:

(i) Goods which are mentioned in the considered as tax free goods .

(ii) A tax invoice must be prepared in

(iii) Assam VAT Act, 2003, 'taxable goods 'means goods other than goods. Esto Schedule are 

(iv) Geneneral Registration Number ( GRN ) is issued to Retail dealers applying for registration under the VAT Act under scheme.

(v) is the backbone of VAT administration. 

(vi) The term 'dealer' has been defined as per section Added Tax Act, 2003.

 [Ans . (i) First; (ii) triplicate; (iii) tax-free (iv) composition; (v) self-assessment; (vi) Section 2 (15) 

B: Very Short Answer Type Questions: 

1.What is VAT? 

2. What is meant by Value addition?

3. How does VAT operate?

4. What taxes does VAT replace?

5. State types of sales VAT.

6. State types the sales not liable to tax under VAT.

7. State the commodity coverage under VAT. 

8. What are zero rated sales and exempted sales?

9. Explain the term 'input'?

10. What do you mean by input tax? 

11. What is input tax credit (ITC)? 

12. State the circumstances under which input tax credit be available under VAT.

 13. State the circumstances under which input tax credit is not be available under VAT?

 14. What is reverse input tax? 

15. When would the input tax credit be available and what proof is required to claim input tax?
16. How many copies of a Tax invoice are required to be prepared under VAT? 

17. Explain whether the amount of VAT is required to be disclosed separately in the invoices under VAT? 

18. What is 'Capital goods 'as per Assam VAT Act?

 19. What is ' TIN 'for the purposes of VAT computations? 

C: Short Answer Type Questions:

 1. Mention three advantages of VAT which were not available in the earlier sales tax system. [TDC Part III 2006 (New)] 

2 .Distinguish between tex system under VAT and the AGST giving four points?

3. state the different retes of tax under VAT.

4.  What is meant by output and output tax?

5. What is composition tax? 

6. Who are liable to pay tax under VAT? 

7. Who is required to take registration under VAT?

8.  Explain the term 'Cross-checking of transactions. What are its objectives? 

9. Write a short note on 'Prescribed Authority. 

D: Long Answer Type Questions: 

1. Explain briefly the history of imposition of VAT in Assam.

2. State the different tax rates prescribed under Assam VAT Act, 2003.

3. Explain the features of Value Added Tax Who are the persons liable to pay tax under the Assam VAT Act? 

4.State the circumstances under which input tax credit will have to be reversed under VAT?

5.   What are the procedures of obtaining registration under VAT? Who are the persons to pay tax under VAT? Explain.

6.  Explain the provisions relating to Maintenance of accounts and records by a registered dealer under the VAT Act, 2003.

7. Explain briefly the different types of assesment under the Assam VAT Act, 2003.

8. Explain the meaning and features of VAT, what are the goods covered under VAT ? How is VAT levied?

9.Who are the persons requiring registration under VAT? Describe the meaning and significance of TIN and Tax invoice under VAT. 

 10. Write a note on various Taxing authorities under the Assam VAT Act, 2003. 

11.What is VAT? State the rates of Value Added Tax applicable to various commodities under the Assam VAT Act.

12. What are the goods covered under Value Added Tax (VAT)? State the procedure of registration under Assam VAT Act.

13.Who are the persons requiring registration under Assam VAT Act? State the different modes of registration under Assam VAT Act.

14. Write short notes on: 

(a) casual dealer; (b) goods; (d) capital goods;

 (e) goods vehicle; (f) taxable turnover; 

(g) works contract (h) Zero-rated sales.

15.  Prepare a Tax Invoice (Original Buyer's Copy) with imaginary details.

16.  Prepare a Tax Invoice (Duplicate Transporter's Copy) with imaginary details.

 17. Prepare a Retail Invoice with imaginary details.

 18 . Mr. Ganeshan purchased goods worth Rs . 20,000 from Mr. Suren and made the payment by cheque . VAT charged by Mr. Suren is 10 % . Mr. Ganeshan sold the goods at Rs . 26,000 for cash. 

Pass entries in the books of Mr. Ganeshan recording the above transactions. 

Type-Bharat Kalita