Question

Q. 4. In the following questions choose the most appropriate answer. (10 m)

.

The buyer purchases at his own risk. This doctrine is called

a.Novation

b.Caveat emptor

c.Anticipatory breach of contract

d.None of the above

A sale of goods by Mumbai businessman to his customer in Delhi will be subject to-

a.Delhi VAT

b.Mumbai VAT

c.Maharashtra VAT

d.Central Sales Tax

A chartered Accounts is liable to collect from his clients-

a.Excise duty

b.Service Tax

c.VAT

d.GST

In case of import of goods from China, the Indian importer shall be liable to pay

a.Basic custom duty

b.Counterveiling duty (CVD)

c.Special additional duty (SAD)

d.All the above

Octroi is levied by-

a.State Government

b.Central Government

c.Parliament

d.Local Municipal Corporation

A contract induced by coercion is

a.valid

b.voidable

c.void

    

A seller collected Rs. 10,000 as VAT from his customer. He has paid VAT of Rs.   

6,000 to his supplier of goods and Rs. 1,000 as service tax to service provider. Hence the actual amount of VAT payable by him to the Govt. authorities is

a.Rs.10,000

b.Rs. 6,000

c.Rs. 3,000

d.Rs. 4,000

Sales of goods Act is applicable to

a.Immovable goods

b.Actionable claims

c.Money

d.Movable goods

If the rate of excise duty is 10%. The excise duty payable on sale of goods with cost price of Rs. 10,000 and Selling price of Rs. 15,000 is

a.Rs. 1,000

b.Rs. 1,500

c.Rs.    400

d.Rs. 2,500

The rule of law is that when money is paid, it is to be applied first as per the expressed will of

a.payer

b.payee

c.both a and b

d.banker

Answer 1

The buyer purchases at his own risk. This doctrine is called
a.Novation
b.Caveat emptor	It means " let the Buyer Beware" that a buyer purchases something at his own risk.
c.Anticipatory breach of contract
d.None of the above
A sale of goods by Mumbai businessman to his customer in Delhi will be subject to-
a.Delhi VAT
b.Mumbai VAT	VAT is levied on sale of goods and services .
c.Maharashtra VAT
d.Central Sales Tax
A chartered Accounts is liable to collect from his clients-
a.Excise duty
b.Service Tax
c.VAT
d.GST
In case of import of goods from China, the Indian importer shall be liable to pay
a.Basic custom duty
b.Counterveiling duty (CVD)
c.Special additional duty (SAD)	Total Import Duty = Basic Custom duty + IGST (Integrated Goods and Services Tax)
d.All the above	IGST = CVD + SAD
Octroi is levied by-
a.State Government
b.Central Government
c.Parliament
d.Local Municipal Corporation