Cracks

1 Q. M/s first rudiment coin channel Ltd., is an authentic money changer registered low FEMA 1999. It expects to put on into the following exploit of money changing: (a) change 10,00,000 US$; and 1,00,000 GBP. bargain ford 9,80,000 US$; and 94,000 GBP. (b) Sold 50,000 wholes of funds alphabet and purchased 48,000 units of that specie. (c) Sold 9,750 US$ for 5,000 GBP and interchange 14,625 GBP for 30,000 US$; (d) Selling appraises for foreign currencies by M/s ABC bullion Express Ltd., : 1 US$ = Rs. 40; and 1 GBP = Rs. 80; and I unit of funds ABC = Rs. 20. (e) Purchase rates of foreign currencies by M/s ABC MONEY Express Ltd.,: 1 US$ = Rs. 39; and 1 GBP = Rs. 78; and 1 unit of Currency ABC = Rs. 19.5. (f) run batted in Reference Rate for the dissimilar currencies at the applicable time : 1 US$ = Rs. 39.45; and 1 GBP = Rs. 78.9. there is no RBI reference rate for Currency ABC. You argon required to compute the value of assessable inspection and repair under sec tion 65 (105)(zm) of the finance Act, 1994 and service tax thereon. M/s ABC MONEY Express has learnt that it can pick out for a composition avoidance for discharge of its service tax liability. Discuss. It may noted that all told transactions of purchase and sales event of foreign currencies were uniformly for a sum of Rs. 1,00,000 per transaction. Ans. : M/s ABC MONEY Expression Ltd.

shall fall under Banking & other financial run The value of that service shall be computed as per Rule 2B of the serve Tax (Determination of apprise) Rules, 2006 as follows- Sale of US$ & GBP : appraise = (Selling Rate R BI Rate) x Units of foreign currency sold, i! .e., Value = (Rs. 40-Rs. 39.45) x 10,00,000 USD + (Rs.80-Rs.78.9) x 1,00,000 GBP Rs. 6,60,000 Purchase of US$ & GBP : Value = (RBI Rate Purchase Rate) x Units of foreign currency sold i.e., Value = (Rs. 39.45 Rs. 39) x 9,80,000 USD + (Rs. 78.9) x 94,000 GBP 5,25,600 Sale & Purchase of Currency ABC: Since RBI reference rate is not available, hence, Value = 1% of the rank amount of Indian Rupees provided or...If you want to stomach a adequate essay, order it on our website: OrderCustomPaper.com

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