NMIMS Taxation direct & indirect Solve Assignment December 2023

Description

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation- Direct and Indirect
Internal Assignment Applicable for December 2023 Examination
Assignment Marks: 30
Instructions:
 All Questions carry equal marks.
 All Questions are compulsory
 All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far as possible.
 All answers to be written individually. Discussion and group work is not advisable.
 Students are free to refer to any books/reference material/website/internet for attempting their assignments, but are not allowed to copy the matter as it is from the source of reference.
 Students should write the assignment in their own words. Copying of assignments from other students is not allowed.
 Students should follow the following parameter for answering the assignment questions.
1) What is the idea of “Residential Status” in direct taxes on individuals, and how does it affect a taxpayer’s (both resident and non-resident) tax liability in India? (10 Marks)

2) What is the GST (Goods and Services Tax) notion of “Supply” in India, and how does it establish the taxability of transactions within the GST framework? Explain the distinction between VAT and GST. (10 Marks)
3) XYZ Electronics Pvt. Ltd. is a Mumbai-based electronic gadget company. They just received an order for 1000 units of their latest smart phone model from a dealer in another state. The selling price per unit is INR 15,000, with a 12% GST rate. XYZ Electronics Pvt. Ltd. is interested in learning about the GST consequences of this interstate sale. Can you answer the following questions for them?
a) What type of supply does this transaction fall under and how will it be treated under GST? (5 Marks)
b) What is the GST liability for XYZ Electronics Pvt. Ltd. on this sale, and how will they calculate the tax amount? (5 Marks)
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