Profile of Richard Speck, Serial Killer

Profile of Richard Speck, Serial Killer The words Born to Raise Hell were inked on the arm of the tall, marked confronted man with a southern drawl who entered a nursing understudies residence on a warm July night in 1966. Once inside he carried out a progression of wrongdoings that stunned America and sent Chicago experts on a gigantic manhunt for a crazy person who they before long recognized as Richard Speck. This is a profile of the man, his life, and his violations, both during his life and after his demise. Youth Years Bit was conceived December 6, 1941, in Kirkwood, Illinois. At the point when he was six, his dad passed on. His mom remarried, and the family moved to Dallas, TX. Before wedding her new spouse, she raised the family under severe strict principles including the restraint of liquor. After her marriage, her demeanor changed. Her new spouse had savage plastered scenes, regularly making youthful Richard the survivor of his maltreatment. Spot grew up to turn into a poor understudy and adolescent reprobate inclined to brutal conduct. Spousal Rape and Abuse At age 20, Speck wedded 15-year-old Shirley Malone and fathered a youngster. Spots brutal nature stretched out into the marriage and he normally mishandled his significant other and her mom. The maltreatment included spousal assault at knifepoint, regularly a few times each day. He filled in as low maintenance trash collector and insignificant hoodlum yet his crime heightened, and in 1965 he held a lady at knifepoint and endeavored to loot her. He was gotten and condemned to prison for 15 months. By 1966 his marriage was finished. A Walking Time Bomb After jail Speck moved to his sisters home in Chicago to abstain from being addressed by experts for different wrongdoings in which he was associated with being included. He attempted to look for some kind of employment as a vendor sailor however invested a large portion of his energy hanging in bars drinking and boasting about past violations. He moved all through sisters home, selecting to lease rooms in unpleasant inns whenever the situation allows. Spot, tall and ugly, was a medication fanatic, heavy drinker, and jobless, with a brutal streak standing by to be released. Bit Meets the Chicago Police Department On April 13, 1966, Mary Kay Pierce was discovered dead behind the bar where she worked. Bit was examined by police concerning the homicide however faked ailment, on promising to profit to address inquiries for April 19. At the point when he didnt appear, the police went to the Christy Hotel where he was living. Bit was gone, yet police looked through his room and discovered things from neighborhood robberies including gems having a place with 65-year-old Mrs. Virgil Harris, who had been held at knifepoint, ransacked, and assaulted that equivalent month.​ On the Run Bit, on the run, attempted to get deal with a flatboat and was enrolled at the National Maritime Union Hall. Straightforwardly over the road from the association lobby was understudy lodging for nursing understudies working at the South Chicago Community Hospital. On the night of July 13, 1966, Speck had a few beverages at a bar under the living house where he was remaining. Around 10:30 p.m. he strolled the 30-minute stroll to the medical attendants condo, entered through a screen entryway and gathered together the medical caretakers inside. The Crime From the start, Speck consoled the young ladies that all he needed was cash. At that point with a weapon and a blade, he terrified the young ladies into accommodation and got them all into one room. He cut segments of bed sheets and bound every one of them and started expelling in a steady progression to different pieces of the apartment where he killed them. Two medical caretakers were killed as they got back and strolled into the pandemonium. The young ladies hanging tight beyond words to stow away under beds yet Speck discovered them everything except one. The Victims Pamela Wilkening - Gagged, cut through the heart.Gloria Davy - Raped, explicitly brutalized, strangled.Suzanne Farris - Stabbed multiple times and strangled.Mary Ann Jordan - Stabbed in the chest, neck, and eye.Nina Schmale - Stabbed in her neck and suffocated.Patricia Matusek - punched bringing about a burst liver and strangled.Valentina Paison - Her throat was cut.Merlita Gargullo - Stabbed and choked. The One Who Survived Corazon Amurao slid under the bed and propelled herself tight against the divider. She heard Speck come back to the room. Incapacitated with dread she heard him assault Gloria Davy on the bed above. He at that point left the room, and Cora realized she was straightaway. She held up hours, dreading his arrival at any second. The house was quiet. At long last, in the early morning, she pulled herself from underneath the bed and moved out the window, where she crouched in dread, crying until help came. The Investigation Cora Amurao gave examiners a depiction of the executioner. They realized he was tall, possibly six feet in tallness, light, and had a profound southern emphasize. Bits appearance and exceptional emphasize made it hard for him to mix into a Chicago swarm. Individuals who experienced him recollected that him. This helped agents to in the end catching him. Spot Attempts Suicide Spot found a low-lease lodging that had cell-like spaces for the benefactors who were generally lushes, sedate addicts, or crazy. At the point when he found police knew his personality †his face and name showed up over the first page of the papers †he chose to end his life by slitting his wrists and internal elbow with barbed glass. He was found and taken to the emergency clinic. It was there that first-year-occupant, Leroy Smith, perceived Speck and called the police. The End of Richard Speck Cora Amurao, dressed as a medical caretaker, went into Specks emergency clinic room and recognized him to police as the executioner. He was captured and stood preliminary for killing the eight medical caretakers. Spot was seen as blameworthy and condemned to death. The Supreme Court administered against the death penalty, and his sentence was changed to 50 to 100 years in jail. Bit Dies Bit, age 49, passed on from a coronary episode in jail on December 5, 1991. At the point when he kicked the bucket, he was fat, enlarged, with debris white scarred skin and hormone-infused bosoms. No relatives asserted his remaining parts; he was incinerated, and his remains were tossed in an undisclosed spot. Past the Grave In May 1996, a tape sent to anchorperson Bill Curtis demonstrated Speck with female-like bosoms engaging in sexual relations with a kindred detainee. He could be seen doing what had all the earmarks of being cocaine, and in a meeting like conversation, he responded to inquiries regarding the killings of the medical attendants. Bit said he didn't feel anything about killing them and that it was simply not their night. His old gloating propensities returned as he depicted jail life and included, If they just realized how much fun I was having, theyd turn me free. Source:The Crime of the Century by Dennis L. Breo and William J. MartinBloodletters and Badmen by Jay Robert Nash

The Crayola Trojan free essay sample

Brief: The eighteenth century French savant Denis Diderot stated, â€Å"Only interests, incredible interests can hoist the spirit to extraordinary things.† Describe one of your interests and think about how it has added to your self-awareness. At the point when I was a young lady, my pack of 24 brilliant Crayola colored pencils was the most valuable thing I had. They formed the edges of my seats, pooches, hearts and blossoms that I had figured out how to draw in the wake of watching Blue’s Clues. They changed the highly contrasting pages of my shading books into a universe of shading and once in a while, a lot to my mother’s alarm, the exhausting white dividers that encompassed me. Shading made me content and settled. It was the beginning stage of my specialty life. This basic joy of shading has from that point forward developed into a vast enthusiasm for a wide range of types of craftsmanship. Despite the fact that I have not had a lot of formal workmanship classes because of the absence of chances in Belize, I love to draw and have a skill for copying pictures of items or individuals onto paper. We will compose a custom exposition test on The Crayola Trojan or then again any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page My rationale is that if the sharp light-catching machine, the camera, had the option to depict these items and individuals as a picture caught on a 2-dimensional leaf, at that point positively I can likewise with the suitable shadings and lines. With that attitude, I am ready to decipher the 3-D picture I see into a 2-D one, lastly move that picture onto paper utilizing my graphite pencil. I likewise weave, sew, sew, and all the more for the most part, make. The utilization of basic crude materials that is found around the house to make ancient rarities that are both tastefully satisfying and utilitarian like a scarf or a carefully assembled doll that I parted with for Christmas is the second nearest thing to feeling like God himself. It must be portrayed as the warm inclination blending in the inner parts realizing that loved ones will cherish my creation. Workmanship has made me an increasingly ingenious individual. Each unused dab, plug, material, or magazine is a potential component for another task. I take a gander at my messed up gems and I see the pearls richly modge podged in my collection. The vacant margarine treat holder around my work area is immaculate to keep my shells in, right when I add a little flare to it. Furthermore, rather than disposing of my in any case futile adornments and compartments, I fix them up and they are better than anyone might have expected. Last Thanksgiving, my three aunties, four uncles and my six little cousins accumulated at my home. While the grown-ups talked, I as the oldest cousin was given on the undertaking of monitoring the hyperactive kids. Outfitted with a year’s worth of craftsmanship supplies, I showed them how to make impression turkeys and how to make the layout of leaves by concealing over them. Workmanship had permitted me to collaborate and mess around with my little cousins without stressing that one would break her leg doing some other freak movement. The best thing about this is the pride that sparkles over their face seeing their own handcrafted craftsmanship piece and the idea that perhaps I may have started a workmanship enthusiasm for them. As I look toward tertiary investigations at USC, I plan to assist my enthusiasm for craftsmanship by taking CTAN 102: Introduction to the Art of Movement. Having been to the football match-ups with my sibling, a Trojan alum, I realize that the Trojan life will be an encounter that will add a lot to the collection of my Crayola shaded life.

Facts About Suicidal Thoughts in Children

Facts About Suicidal Thoughts in Children Depression Suicide Print Suicidal Thoughts in Children By Lauren DiMaria linkedin Lauren DiMaria is a member of the Society of Clinical Research Associates and childhood psychology expert. Learn about our editorial policy Lauren DiMaria Medically reviewed by Medically reviewed by Steven Gans, MD on August 05, 2016 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on February 03, 2020 Blend Images - KidStock / Getty Images More in Depression Suicide Causes Symptoms Diagnosis Treatment Types Childhood Depression In This Article Table of Contents Expand Age Depression Warning Signs Risk Factors Helping Your Child Getting Immediate Help View All Back To Top If your child or someone else you know is showing the warning signs of suicide, contact your pediatrician, local mental health service providers, or the National Suicide Prevention Lifeline at 1-800-273-TALK (1-800-273-8255). If your child appears to be in a volatile state or in imminent danger of hurting themselves, call 911 and get them to the emergency room Knowing youth suicide facts is especially important for parents of children with depression. For parents, suicidal thoughts and behaviors are one of the most alarming concerns of childhood depression. According to the Centers for Disease Control (CDC), death by suicide is the second leading cause of death among 10- to 24-year-olds, and many more children attempt but do not complete suicide. Age and Suicidal Thoughts Suicide rates in America are the highest theyve been in 50 years. According to the CDC, suicide rates were significantly higher in 2017 compared to 1999 among females ages 10 to 14 (1.7 and 0.5, respectively) and 15 to 24 (5.8 and 3.0) and males ages 10 to 14 (3.3 and 1.9, respectively) and 15 to 24 (22.7 and 16.8). In 2017, adolescents and young adults ages 15 to 24 had a suicide rate of 14.46. A 2018 study published in the journal  JAMA Pediatrics  found that the suicide rate among black children under 13 years is double the rate for white children in the same age group. This accounts for both girls and boys. Typically, rates of suicide increase with age, peaking in late adolescence. Girls more often attempt suicide, but boys more frequently follow through to completion. Suicidal Thoughts and Depression According to one study, suicidal thoughts are linked to a worse course of depression, the symptoms of which include earlier onset, longer duration, and shorter intervals of remission. Its important to know that not all depressed children will have suicidal thoughts or show suicidal behavior. In fact, its one of the least common symptoms of childhood depression. Also, not all children with suicidal thoughts and behavior are depressed. Perhaps most comforting to know, not all children who have suicidal thoughts will attempt suicide. However, its a good predictor for future attempts, and these children always need to be evaluated by a professional. Suicidal Thoughts and Depression in Children Warning Signs of Suicide Some important warning signs of suicidal behavior in children are: Reckless or risk-taking behavior (such as substance use, reckless driving, and sexually promiscuity)Frequent statements or social media posts about self-harm or suicide, like I wish I were deadPreoccupation with death in conversation, writing, or drawingWithdrawal from friends and familyExpressions of hopelessness about the future, like You wont have to worry about me anymoreGiving away things of importanceDeclining interest in friends, activities, or hobbies previously enjoyedAggressive or hostile behaviorSleep, appetite, or energy changesAnxiety or restlessnessNeglecting personal appearance or groomingRunning away from homeA change in personality (from upbeat to quiet)Feelings of worthlessness, shame, guilt, or self-hatred Risk Factors Its not always easy to detect the risk factors that may contribute to a childs risk of suicidal thoughts and behavior. However, recognizing them and getting help can be life-saving.  If you think that your child or someone you care about has some of these factors, consider setting up an appointment with a mental health professional for a suicide-risk assessment. If the adolescent is high risk, you may need to schedule these assessments on a regular basis. A family history of suicide, depression, or other mental illnessLoss of a close family member, friend, or classmate by suicide or other sudden deathThreats, bullying, or violence from peersHistory of physical or emotional abusePrevious history of depression or other mental health illnessPrevious suicide attempts How to Help Your Child Here are some strategies to help your child if you think they are having suicidal thoughts: Be aware. While rare in young children, suicide is possible. Know the warning signs and risk factors that may increase your childs risk of suicide.Talk to your child. Talking about suicide will not give your child the idea to attempt suicide. If a friend or other loved one has died, committed suicide, or is extremely ill, talk to your child about it and address their feelings.Tell others. If your child exhibits suicidal thoughts or behaviors, tell their other caretakers and faculty members at school so they can closely monitor your child when youre not around.Keep weapons locked up. Common sense tells you to keep weapons, medications, alcohol, and poisons safely away from children, but this is especially important for children at risk of suicide.Get your child treatment. If your child is depressed or at high risk for depression or another mental illness, its essential to get them treatment. When to Get Immediate Help Its better to be safe than sorry when it comes to your childs well-being. If you think that your child is in crisis and that they have had a previous suicide attempt, is threatening to harm themselves, or you just have a gut feeling, get your child help immediately. Dont wait. If needed, take your child to a pediatric emergency room. Do not leave them alone. Remove anything in the house they can possibly use to hurt themselves. A Word From Verywell Having a child who is depressed or is suicidal does not make you a bad parent or mean that you did anything to cause their pain. The best thing you can do is to get your child help and support them in their recovery.

The Goal A Process Of Ongoing Improvement By Eliyahu...

Book Report: The Goal Horane Williams MGMT 430: WB1 Sp.15 University of Baltimore Eliyahu M. Goldratt s The Goal: A Process of Ongoing Improvement by Eliyahu M.Goldratt and Jeff Cox has changed the way organizations do business and handle constraints. The Goal tells of a guy name Alex Rogo, whom is a supervisor at a production plant how he helps save his plant. At the beginning his plant was unproductive and faced a lot of constraints within. With his help, the plant eventually began productive. There are numerous of concepts and theories that can be learned from this novel, The Goal. The main goal of a firm is to of course seek profit. The Goal is a book that focuses greatly on the theory of constraints. Eliyahu Goldratt presents to us a story that demonstrates the critical techniques that any chief or CEO ought to take after to be effectively gainful, and equipped for coming to their objectives. The book effortlessly clarifies and shows numerous achievable routes for a firm to deal with constraints and everyday problem. The book also helps any person that is dealing with business issues, systems failure, and non-productivity. This book can also help with concepts in personal lives as well. Numerous individuals accept that to succeed in a business, experienced is need, with experienced comes with the knowledge of knowing profit matters. Goldratt exhibits that is vital to concentrate on the entire organization because one part of an

Psychopathy and Antisocial Personality Disorder Essay

Introduction The purpose of this study is to compare and contrast the constructs of psychopathy and antisocial personality disorder. The aim is to highlight whether the terms psychopathy and antisocial personality disorder reflect the same construct or whether they differ. Furthermore, recommendations for treatment of criminal behavior will be explored. For the purposes of this evaluation some definitions need to be highlighted: Criminal offence is an act that breaks a law, which relates how to behave in society. The harm caused by the act is seen to be against society as a whole, not just a specific person. Sometimes it refers to the specific law that was broken (Herring, 2009). Crime is the breach of rules or law for which some authority†¦show more content†¦Furthermore, psychopathy was considered during the twentieth century, the most widely used term to describe antisocial behavior (Reed, 1996). In the 1980s, the committee who devised the Diagnostic and Statistical Manua l for the American Psychiatric Association recommended the term antisocial personality syndrome to be changed to antisocial personality disorder (Ellis Walsh, 2000). Antisocial Personality Disorder Hare McPherson (1984), were successful in pushing the idea that there is a significant correspondence between violent and persistent delinquent and criminal histories and antisocial personality disorder diagnosis. Acute persistent child conduct disorder behavior symptoms, also known as conduct disorder, have been directly linked to serious criminality and antisocial personality disorder (Ellis Walsh, 2000). Although criminality and antisocial personality disorder ought not be equated, they should be seen as closely linked behavioral phenomena (Ellis Walsh, 2000). Vitella (1996) believes that individuals with childhood conduct disorder have a higher than normal probability of being both criminal and diagnosed antisocial personality disorder in adolescence and adulthood, and persons wit h serious criminal records have a higher probability of being diagnosed psychopathic than those with little or no criminal history. Nevertheless, Ellis Walsh (2000) in caution pointed out that theseShow MoreRelatedPsychopathy Or Antisocial Personality Disorder921 Words   |  4 PagesRunning head: PSYCHOPATHY OR ANTISOCIAL PERSONALITY DISORDER 1. Psychopathy or Antisocial Personality Disorder Valeria Frierson Walden University Dr. Hampe PSYCHOPATHY OR ANTISOCIAL PERSONALITY DISORDER 2. Abstract This paper will focus on the relevance of assessing psychopathy or antisocial personality disorder. The importance of the assessment and the adjudication process will also be discussed. 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Tax and Central Excise Free Essays

string(68) " Circulars can be issued by the Government of India Answer: 1\) No\." ICWAI Objective Type questions and Answers on Indirect Tax 1. Multiple Choice Questions (1) Excise duty can be levied on those goods which are a) Manufactured in India b) Sold in India a) Removed from the factory b) None of the above (2)Dutiable goods means a) Goods are subject to Central Excise duty b) Goods which are exempted from excise duty c) Non excisable goods d) Goods not at all mentioned in the Central Excise Tariff (3)Place of Removal under Central Excise means a) Removing the goods from the place of distributor b) Removing the goods from the place of customs station c) Removing the goods from the place of factory ) None of the above (4)Non-Dutiable goods means a) Name of the product not mentioned in the Tariff Act b) Name of the product mentioned in the Tariff Act c) Name of the product mentioned in the Tariff Act with the Rate of Duty d) Name of the product mentioned in the Tariff Act with the Zero Rate (5)Payment of Central Excise Duty depends up on a) Removal goods from the place of removal b) Manufacture of goods in the factory c) Deemed manufacture of goods d) Removal goods for branch transfer (6)The excise duty on alcoholic goods manufactured by the manufacturer is payable to a) State Government ) Central Government c) Corporation d) Local authority (7)Which of the following duties is covered under the First Schedule of the Central Excise Tariff Act? a) Basic Excise duty b) Special Excise Duty c) Additional Excise Duty d) Education Cess (8)Which of the following duties is under the purview of the State Government? a) Central Excise duty b) Customs duty c) Service tax d) VAT (9)Which are the goods still under the physical control? (a)Plastic products (b)Cigarette products (c)Apparel products (d) Glass products (10) At the time of manufacture of product X attracts 14% BED. At the time of removal the rate of duty is 8%. We will write a custom essay sample on Tax and Central Excise or any similar topic only for you Order Now Which is the duty attracts for the product X a) 14% b) 8% c) 11% (Average) d) Zero (Because the rate has changed) Answer: (a) (a) (c) (d) (a) (a) (a) (d) (b) (b) 2. Fill in the Blanks 1) Central Excise duty can be levied at the time of 2) Goods at the time of manufacture, not mentioned in the Central Excise Tariff Act, can be called 3) Central Excise Tariff Act, 1985 containssections 4) Goods are classified under Central Excise Tariff Act based on theof Nomenclature havingdigit classification 5)The goods included in theSchedule of Central Excise Act are same as those on which excise duty is payable under section 4A of the Act. 6) Goods at the time of manufacture, mentioned in the Central Excise Tariff Act, can be called 7) Goods are classified under Central Excise Tariff Act based on thesystem 8) There are Chapters under the Central Excise classification 9) Labelling and relabelling comes under 10) Service tax came into force fromFinance Act Answer: Manufacture of goods in India Non excisable goods 20-sections Harmonized System Eight Third. Excisable goods Harmonized System of Nomenclature 96 chapters Third Schedule of Central Excise 1994 3. Say Yes or No, Give Reasons All goods manufactured are subject to central excise duty. All Excisable goods are dutiable goods No duty can be levied if the goods manufactured by the manufacturer is not movable but marketable Goods has been defined in the Central Excise Act Manufacturer includes deemed manufacturer There is no difference between levy and collection 7) Duty can also be collected even if the goods are non-excisable at the time of manufacturer, but are excisable at the time of removal of goods from the place of removal. Duty rates are specified in the Central Excise Act, 1944 Central Excise Duty Rate is indicated against each tariff item and not against heading or sub-heading. Manufacture includes any process incidental or ancillary to the completion of a manufactured product. Marketability is essential to levy the central excise duty 12) Goods mentioned in the First Schedule or Second Schedule to the Central Excise Tariff Act, 1985 are called non-excisable goods. Manufacturer is not defined under Central Excise Tariff Act. 14) Brand name owner is a manufacturer even though under contract a third party completely manufactures the product Classification is irrelevant, since all products attract 14% duty Circulars can be issued by the Government of India Answer: 1) No. You read "Tax and Central Excise" in category "Essay examples" Goods manufactured in India may be excisable goods or non-excisable goods. No central excise duty, if the goods are non-excisable. No. Excisable goods may be dutiable or non-dutiable goods. 3) Yes. No duty can be levied if the goods manufactured by the manufacturer is not movable but marketable as per the decision of the Supreme court of India in the case of Union of India v Delhi Cloth and General Mills Ltd. No. The term goods has not been defined in the Central Excise Act, 1944. Yes. Manufacturer includes deemed manufacturer 6) No. The term â€Å"LEVY† means imposition of tax/duty. Collection of duty is postponed to the stage of removal of goods. [Rule 4 of the Central Excise Rules, 2002] 7) No. Duty can not be collected if the goods are non-excisable at the time of manufacture, but are excisable at the time of removal. No. Duty rates are specified in the Central Excise Tariff Act, 1985. Yes. Duty Rate is indicated against each tariff item and not against heading or sub-heading. 10) Yes. Manufacture includes any process incidental or ancillary to the completion of a manufactured product. Yes. Marketability is essential to levy the central excise duty. 12) No. Goods mentioned in the First Schedule or Second Schedule to the Central Excise Tariff Act, 1985 is called excisable goods. 13) No. The term manufacturer has been defined under section 2(f) in the Central Excise Act, 1944. The definition under section 2(f) is not exhaustive but inclusive. 14) No. Brand name owner is not a manufacturer even though under contract a third party completely manufactures the product. No. Classification is relevant, even though all products attract 14% duty. No. Circulars can be issued by the Central Board of Excise and Customs (CBEC). 4. Multiple Choice Questions (1) As per Rule 15 the Central Excise Rules, 2002, the option of paying duty is available to those manufacturers who manufacture (a)Aluminium circles (b)Plastic Products (c)Gold Products (d) Agriculture Products (2) Goods specified under Standards of Weights and Measures Act, 1976 as well as in the notification issued by the Government of India along with rate of abatement can be assessed under a) Maximum Retail Price (b) Transaction Value (c) Retail Price (d) Whole Sale Price (3) Captively Consumed Goods means (a) Goods manufactured and consumed with in the factory (b)Goods manufactured (c) Goods purchased and used in the factory (d) Goods received from branch (4) Interconnected undertakings means (a) Head office and Branch office (b) Holding and subsidiary companies (c) Group of companies (d) Companies under the same management (5) Which one of the following will come under the Specific Rate of Duty? (a)Cigarette product (b) Wood product (c)Plastic product d)Diesel product (6) What percentage should be added to the cost of production in the case of captive consumption? (a) 15% (b) 10% (c) 0% (d) 20% (7) MRP product Assessable value will be calculated as (a)Transaction basis (b)MRP less abatement (c) Percentage of tariff value (d)None of the above (8) Which one of the following will form part of transaction value (a) Transportation charges from the place of removal to the place of buyer (b) Transportation charges from the place of factory to the place of branch (c) Transportation charges from the place of distributor to the place of buyer d) Transportation charges from the place of buyer to any other place (9) Assessable does not include one of the following (a) Cost of material (b) Cost insurance (c) Cost of transportation (d) Interest on delayed payment (10) As per Rule 10 of th e Central Excise Valuation Rules, the concept of interconnected undertakings means (a) Associate companies (b) Group companies (c) Holding and Subsidiary companies (d) None of the above Answer: (1) (a) (2) (a) (3) (a) (4) (b) (5) (a) (6) (b) (7) (b) (8) (b) (9) (d) (10) (c) 5. Fill in the Blanks 1) Specific Duty means duty is payable based on the____________and__________by the assessee (2) Provisions under section 4A have___________effect over section 4 of the Central Excise Act (3) Production 1500 units, quantity sold 510 units @ 250 per unit, 840 units @ 200 per unit, sample clearances 35 units and the balance 150 units are in stock. Hence, the assessable value is Rs. _________ (4) Excisable goods consumed within the factory for the manufacture of final product is called___________ (5) X Ltd (Holding Company) sold goods to Y Ltd (Subsidiary Company) at Rs. , 00,000. In turn Y Ltd sold goods to Z Ltd (unrelated person) at Rs. 1, 10,000, then the assessable value in the hands of X L td________. (6) Assessable in case of captive consumption is the cost of production plus_______ (7) The transaction value cannot be considered as assessable value if, any one or part of the conditions____________. (8) MRP provisions are not applicable for packaged commodities meant for________. (9) Compound Levy Scheme is an___________schemes. (10) Dharmada Charges recovered from the buyer is form part of__________. Answer: (1) Length and weight of the product 2) Overriding (3) Rs. 3, 02,500 (4) Captive consumption (5) Rs. 1, 10,000 (6) @10% (7) Not satisfied (8) Industrial or institutional consumers. (9) Optional (10) Assessable Value 6. Say Yes Or No, Give Reasons (1) Specific Duty means duty is payable by the assessee on excisable goods based on the value of goods. (2) Compound levy scheme means an optional scheme (3) Maximum Retail Price means not exclusive of duties and taxes (4) Transaction value is applicable only when conditions specified in the provisions are satisfied. 5) Dharmada charges collected from the buyer are not includible in the assessable value. (6) Excise duty and sales tax has to be included in the assessable value (7) There is no basis of valuation under Central Excise Law (8) Insurance charges from the place of depot to the place of buyer shall form part of assessable value (9) Captive consumption goods need not be certified by the Cost Accountant (10) Cash discount does not form part of assessable value. Answer: (1) No. Specific Duty means duty is payable by the assessee on excisable goods based on the length and weight of the products. (2) Yes. Compound levy scheme means an optional scheme (3) Yes. Maximum Retail Price means not exclusive of duties and taxes (4) Yes. Transaction value is applicable only when conditions specified in the provisions are satisfied. (5) No. Dharmada charges collected from the buyer are includible in the assessable value. (6) No. Excise duty and sales tax has to be excluded in the assessable value (7) No. There are five basis of valuation under Central Excise Law (8) No. Insurance charges from the place of depot to the place of buyer shall not form part of assessable value (9) No. Captive consumption goods need be certified by the Cost Accountant (10) Yes. Cash discount does not form part of assessable value. 7. Multiple Choice Questions (1) ARE -1 Form should have following colors (a) White; Buff; Pink and Green (b) White; Buff; Red and Green (c) White; Buff; Black and Green (d) White; Buff; Rose and Green 2) CT- 1 form will be issued by the Merchant exporter to the Manufacturer for clearing the goods (a) Without payment of Central Excise (b) Avoidance of Central Excise duty (c) With payment of reduced rate of Central Excise Duty (d) With payment of full amount of Central Excise Duty. (3) Certificate of procurement of goods under procedure for export Warehousing can be done under the (a) CT-3 Form (b) CT-2 Form (c) ARE -1 (d) Bond -1 (4) The Letter of Undertaking is valid for a perio d of (a) 12 months from the date of acknowledgement by the department. b) 15 months from the date of acknowledgement by the department (c) 24 months from the date of acknowledgement by the department (d)6 months from the date of acknowledgement by the department (5) Excisable goods removed for re-warehousing and export therefrom without payment of duty by using the (a) B-3 Bond (b)B-2 Bond (c) B-4 Bond (d)B-7 Bond (6) Some times; if in the view of the Central Excise Department the manufacturer carries risk (namely discrepancies) the Department may ask him to submit the Bond in. (a)B-l with security or surety (b)B-2 with security and surety c)B-3 with security (d) B-4 with surety (7) CT-1 form received by the manufacturer from (a)Merchant exporter (b)EOU unit (c)Manufacturer (d)First stage dealer (8) The Export Oriented Units can procure indigenous material without payment of central excise duty. These units have to issue (a)CT -3 certificate (b)CT-4 certificate (c)CT-1 certificate ( d)CT-2 certificate (9) If proper invoice for export along with the packing list and ARE -1 form in (a) Sixtuplicate (b) Duplicate (c) Triplicate (d) Quadruplicate (10) No rebate is allowed if the rebate amount is less than a)Rs. 500 (b)Rs. 1,000 (c) Rs. 2,000 (d) Rs. 4,000 Answer: (1) (a) (2) (a) (3) (b) (4) (a) (5) (a) (6) (a) (7) (a) (8) (a) (9) (a) (10) (a) 8. Fill in the Blanks (1) No rebate is allowed if the rebate amount is less than________ (2) Goods can be removed by executing a bond in case of merchant exporter with____________or without (3) Proof of export which is issued by the customs authorities by certifying the_______________ (4) ________________certificate is required only when bond is executed by the merchant exporter. 5) The goods exported to_______________and_________not eligible for rebate (6) An exporter who executes a bond to exempt himself from payment of excise duty will not be eligible to claim___________ (7) Bond is executed by the Merchant Exporter he may be required to obtain a_________from his banker for a specified amount. (8) __________is called as general bond with Surety/Security for removal of goods without payment of duty (9) In case of security bond in the form of cash deposit no________can be allowed (10) If goods are sealed by excise officer such a sealing is called __________ Answer: 1) Rs. 500 (2) with sealing or without sealing (3) ARE-1 Form (4) CT-1 (5) Nepal and Bhutan (6) Rebate (7) Bank Guarantee (8) B-l Bond (9) Interest (10) One Time Bottle Seal 9. Say Yes or No, Give Reasons (1) Export of goods with invoice but without the packing list can be exported (2) ARE -1 Form need not be prepared if the goods are exported under Bond. (3) Merchant exporter means a person engaged in manufacturing of goods for exporting or intending to export goods. 4) CT-1 forms will be issued by the superintendent of Customs to the merchant exporter on execution of bond (namely B – 1) (5) ARE-1 Form is to be prepared by the exporte r in quadruplicate (6) Bonds under Central Excise are always secured (7) No duty is payable on exported goods. Therefore there is no need of valuation and classification (8) Self-sealing can be done by any person of the unit (9) ARE-1 form is not required to be prepared by the exporter. (10) Export has to be completed within 3 months from the date of removal from the factory Answer: 1) No. Export of goods with invoice and with the packing list can be exported (2) No. ARE -1 Form need to be prepared even if the goods are exported under Bond. (3) No. Merchant exporter means a person engaged in purchase of excisable goods for the purpose of exporting or intending to export goods. (4) No. CT-1 forms will be issued by the superintendent of central excise to the merchant exporter on execution of bond (namely B-l) (5) No. ARE-1 form is to be prepared by the exporter in sixtuplicate (6) No. Bonds under Central Excise may be secured or unsecured. 7) No. classification and valuation is requir ed for the purpose of determining the duty draw-back or DEPB license etc. (8) No. Sealing of Goods for Export which may be self-sealing or under seal of Central Excise. (9) No. ARE-1 form is required to be prepared by the exporter. (10) No. Export has to be completed within 6 months from the date of removal from the factory 10. Multiple Choice Questions (1) The unutilized CENVAT Credit can be carried forward (a) Up to 6 months (b) Up to 8 years (c) Without any time limit (d) Up to 10 years. 2) Cenvat Credit on capital goods can be claimed in the year in which it is purchased (a) Up to 50% (b) Up to 100% (c) Up to 25% (d) Up to 75% (3) Cenvat Credit on goods other than capital goods can be utilized (a) As soon as goods received into the factory (b) Only after payment actually made (c) Only after the goods actually sold (d) As soon as manufacture takes place (4) Cenvat Credit is not applicable if the following goods are purchased (a) Light Diesel Oil (b) Steel products (c) Plastic pro ducts (d) Wood products 5) Cenvat Credit can be adjusted against (a)Dutiable goods manufactured (b)Non-dutiable goods manufactured (c) Non-excisable goods manufactured (d)All excisable goods manufactured (6) Which of the following items is a capital goods (a) Tools, hand tools (b)Raw materials (c) Consumables (d) Accessories (7) Depreciation under section 32 of the Income-tax Act, 1961 should not have been claimed (a) On the cost portion of the Capital Goods (b)On the excise portion of the Capital Goods. (c) On the portion of other than Capital Goods d) On the portion of Factory Building (8) Cenvat credit can be utilized for payment of excise duty levied on any (a) Final products (b)Input products (c) Exempted products (d)Intermediary non-dutiable products (9) Personal Ledger Account must be prepared in (a) Triplicate (b) Single (c) Double (d) Quadruplicate (10) Cenvat credit on inputs other than capital goods can be allowed at (a) 100% (b)50% (c)25% (d) 0% (11) A unit availing SSI exemption can avail of CENVAT credit on capital goods but such credit can be utilized only (a) if the value of apital goods exceeds Rs. 100 lakh (b) after clearance of Rs. 150 lakh (c) if the capital goods are exported Answer: (1) (c) (2) (a) (3) (a) (4) (a) (5) (a) (6) (a) (7) (b) (8) (a) (9) (a) (10) (a) (11) (b) 11. Fill in the Blanks (1) Motor vehicles are not_____________goods for purpose of Manufacture (2) In respect of capital goods sent for job work these should be brought back within_________days from the date of dispatch. 3) The Second Stage Dealer means a dealer who purchases goods from a_______________ (4) The PLA is credited when duty is deposited in bank by_________challan (5) Depreciation should not be claimed by the manufacturer who avails the Cenvat credit on___________ (6) The term ___________ means raw-materials, consumables, accessories used to manufacture the finished product. (7) Don’t maintain separate set of accounts but pay an amount equal to ________ ___of the value of exempted goods and forego the Cenvat credit of inputs utilized exclusively for manufacture of exempted final product. 8) Balance of CENVAT Credit Receivable (inputs) Account and PLA Account are shown as ____________in the Assets side of the Balance Sheet. (9) Due date of payment of Central Excise Duty for the month of March is______________ (10) Input tax credit on capital goods can be______________against the duty payable final products. Answer: (1) Capital (2) 180 days. (3) First Stage Dealer (4) GAR-7 (5) Capital Goods (6) In the manufacture (7) 10% (8) Current Assets. (9) 31st March (10) Claimed. 12. Say Yes or No, Give Reasons 1) Cenvat credit can be taken as soon as the inputs are dispatched by the supplier (2) Cenvat cannot be utilized for payment of duty on waste (3) Cenvat credit on capital goods is restricted to 50% of the duty in the year of the receipt (4) If there is no excise duty final products, cenvat credit cannot be claimed in the case of sale in DTA (5) When credit has been taken on input goods and the same is removed for home consumption, excise duty is not payable (6) In September 2008, the Government came out with the Cenvat Credit Rules, 2004 by merging the Cenvat Credit Rules, 2002 and the Service Tax Credit Rules, 2002. 7) The term â€Å"Capital goods† under Cenvat Rules is DIFFERENT from the term capital goods as understood in accounting or in income-tax (8) In the case of goods cleared for DTA for input credit to be claimed, the finished product should suffer at least Re 1 of excise duty (9) If a single invoice covers goods falling under different sub-heading, separate entries shall be made for each of such sub-heading (10) In case of inputs and capital goods Cenvat credit is available as soon as input is received in the factory. Answer: (1) Yes. Cenvat credit can be taken as soon as the inputs are received by the manufacturer. 2) No. Cenvat can be utilized for payment of duty on waste (3) Yes. Cenvat credit on capital goods is restricted upto 50% of the duty in the year of the receipt and the balance in the subsequent year or years. (4) Yes. Cenvat credit cannot be claimed in the case of sale in DTA if the final products are non-dutiable. (5) No. Cenvat credit not allowed on those goods which are cleared as such for domestic tariff area. (6) No. In September 2004, the Government came out with the Cenvat Credit Rules, 2004 by merging the Cenvat Credit Rules, 2002 and the Service Tax Credit Rules, 2002 (7) Yes. The term â€Å"Capital goods† under Cenvat Rules is DIFFERENT from the term capital goods a: understood in accounting or in income-tax (8) Yes. goods cleared for DTA for input credit to be claimed, the finished product should suffer at least Re 1 of excise duty (9) Yes. Single invoice covers goods falling under different sub-heading, separate entries shall be made for each of such sub-heading (10) Yes. Input goods and capital goods Cenvat credit is available as soon as input is received in the factory. 13. Multiple Choice Questions 1)A manufacturer being eligible for SSI related exemptions is linked to his turnover in the previous year a) Less than Rs. 400 Lakhs b) Less than Rs. 150 Lakhs c) Less than Rs. 90 Lakhs d) Less than Rs. 350 Lakhs (2)SSI Exemption scheme adopted by the manufacturer he is not required to pay the central excise duty up to a) Rs. 150 Lakhs on dutiable goods b) Rs. 300 Lakhs on dutiable goods c) Rs. 400 Lakhs on dutiable goods d) Rs. 100 Lakhs on dutiabl e goods (3)Value of captive consumption goods is forming part of the Rs. 400 Lakhs turnover, if the final product a) Exempt in any notification ) Not exempt in any notification c) Exempt under Notification 8/2003 d) None of the above (4)Industries are not eligible for SSI exemption irrespective of their turnover. a) Automobiles b) Plastic c) Paper d) Electronic and Electrical (5)The due date for filing Quarterly return ER -3 under Central Excise is a) 20th of the following month. b) 10th of the following month c) 5th of the following month d) 15th of the following month (6)The due date for payment of Central Excise Duty by the SSI unit for the month of April is a) 15th of the following month b) 15th of October c) 10th of the following month ) 5th of the following month (7)Frequency of audit for SSI unit paying central excise duty is less than Rs. 10 Lakhs. a) Once in 2 years b) Once in 5 years c) Once in 10 years d) Every year. (8)Job worker is exempt from basic excise duty if the s upplier of raw material had undertaken payment of excise duty under a) Notification 24/86 Central Excise Law b) Notification 214/86 Central Excise Law c) Notification 8/2003 Central Excise Law d) Notification 18/2003 Central Excise Law (9)Registration is not required if the turnover for small scale units a) Less than Rs. 15 0 Lakhs ) Less than Rs. 90 Lakhs c) Less than Rs. 100 Lakhs d) Less than Rs. 10 Lakhs (10)What is to be done if turnover exceeds Rs 90 lakhs but is less than Rs 150 lakhs? a) Declaration to be filed b) No Declaration to be filed c) Declaration may be filed d) Declaration must be filed after attaining Rs. 150 Lakhs Answer: 1) (a) 2) (a) 3) (a) .. 4) (a) 5) (a) 6) (a) 7) (b) 8) (b) 9) (a) 10) (a) 14. Fill in the Blanks 1) SSI exemption is available only when the turnover in the previous year turnover is less than 2) SSI unit can clear the excisable goods uptowithout payment of duty. ) Quarterly returnto be filed before the due dateof the following month by the SSI units claiming the exemption notification (4)Payment of duty is on monthly basis and has to be made on or beforeof the following month 5) No declaration needs to be given to the department if the previous year turnover is less than 6) A Job worker is exempt from basic excise duty if the supplier of raw material had undertaken payment of excise duty under Notificationof Central Excise 7) SSI units will get the Cenvat Credit only over and abovetaxable turnover during the current year. ) Registration is not required for SSI units if the turnover during the previous year is less than of taxable turnover. 9) Audit of SSI units is conducted once innumber of years 10) Export turnover isfor the calculation of turnover under the notification 8/2003. Answer: Rs. 400 Lakhs Rs. 150 Lakhs ER-3, 20th 15th of the following month Rs. 90 Lakhs 214/1986 Rs. 150 Lakhs. Rs. 150 Lakhs. Two to five Exempted. 15. Say Yes or No, Give Reasons 1) The Government of India issued Notification No. 8/2003 providi ng relaxation from central excise duty, without any conditions. ) If in a previous year the turnover of a manufacturer is equal to Rs. 4 crores then he can in the current year claim the exemption benefits available to a SSI. 3) SSI units opted the exemption notification benefit can pay duty if the dutiable goods cleared from the factory exceeds Rs. 150 lakhs and claim Cenvat credit on inputs. 1) Manufacturers who have Cenvat credit (on capital goods plus on other than capital goods) which is more than the duty payable on exempted turnover will opt for SSI exemption benefit. ) Clearance of excisable goods without payment of duty to 100% EOU unit will form part of turnover to calculate the threshold limit of Rs. 4 crores. Sales to Nepal and Bhutan is considered as an export sales. Export procedures are very tough for SSI units. Exempted units from central excise duty are also exempted from registration. Audit of SSI unit is conducted every year. There is no difference between method o f calculation of Rs. 400 Lakhs and Rs. 150 Lakhs. Answer: 1) No. The Government of India issued Notification No. 8/2003 providing relaxation from central excise duty, with conditions. ) No. Previous year the turnover of a manufacturer is equal to Rs. 4 crores then he cannot claim in the current year exemption benefits available to a SSI. 3) Yes. SSI units opted the exemption notification benefit can pay duty if the dutiable goods cleared from the factory exceeds Rs. 150 lakhs and claim Cenvat credit on inputs. 4) No. Manufacturers who have Cenvat credit (on capital goods plus on other than capital goods) which is more than the duty payable on exempted turnover may not opt for SSI exemption benefit. 5) No. Clearance of excisable goods without payment of duty to 100% EOU unit will not form part of turnover to calculate the threshold limit of Rs. 4 crores. No. Sales to Nepal and Bhutan considered as home clearance. No. Export procedures are not tough for SSI units. Yes. Exempted units from central excise duty are also exempted from registration. No. Audit of SSI unit is conducted not on yearly basis. Yes. There is a difference between method of calculation of Rs. 400 Lakhs and Rs. 150 Lakhs. 16. Multiple Choice Questions (1)Registration is compulsory for the dealer who intends to act as a) First Stage Dealer ) Third Stage Dealer c) Dealer d) Purchaser (2)An application for registration under central excise law is required to be made in a) Form A-l b) Form B-1 c) Form CT-1 d) Form ARE-1 (3)The DSA shall be preserved for a) Five Years b) Two Years c) One Year d) Six Months (4)The excise duty payable by the manufacturer is based on a) Invoice b) Gate Pass c) Lorry receipt d) Debit Note (5)W hich one of the following is to be submitted by the manufacturer on a monthly basis a) ER – 1 b) ER – 3 c) ER – 5 d) ER – 7 (6)Original invoice has to be issued to the a) Buyer b) Transporter c) Central Excise Department ) Consignment Agent (7)The penalty for non-registration is a) Amount of duty of contravening goods or Rs 10,000 whichever is higher b) Amount of duty of contravening goods or Rs 10,000 whichever is less c) Amount of duty of contravening goods or Rs 1,000 whichever is higher. d) Amount of duty of contravening goods or Rs 5,000 whichever is higher (8)The due date of payment of tax through e-payment is a) 6th of the following month b) 5th of the following month c) 31 st of every month d) 15th of the following month (9)LTU will be headed by a) Chief Commissioner of CBDT or of CBEC ) Chief Commissioner of CBEC c) Commissioner of Central Excise d) Commissioner of Income Tax. (10)CIN stands for a) Challan Identification Number b) Cash Identifica tion Number c) Commission Identification Number d) Central Information Number. Answer: (a) (a) (a) (a) (a) (a) (a) (a) 1) (a) 2) (a) 17. Fill in the Banks The 15 digit PAN based registration number is called 2) Registration under Central Excise can be granted in the name of a minor, provided a legal guardian undertakes to The penalty for delayed submission of return can extend upto The term GAR means A LTU is an undertaking which has paid central excise or service tax of more thanduring the previous year. (6)The first page and the last page of the DSA shall be duly authenticated by the orperson LTUs will get facilities of payment of tax throughsystem. 8) Every assessee compulsorily files the annual installed capacity statement before 30th April of the succeeding financial year in theForm 7) The due date of payment of tax through e-payment is 6th of the following month by the manufacturers and by 16th of the following month in the case of SSI units. In the case of March month the due is 8) When goods are removed from the factory of the manufacturer to some other premises for purposes of â€Å"Testing† or for â€Å"any other process not amounting to manufacture†, excise duty need not be paid provided the permission ofof Central Excise is obtained. Answer: Excise control code Conduct the business Rs. 5,000 Government Account (Receipt and Payment) Rules Rs. 5 crore. manufacturer or his authorized person single window ER – 7 31st March Commissioner 18. Say Yes or No, Give Reasons Application for registration as a manufacturer should be made Form A-l A 5 digit PAN based registration number (ECC) will be allotted to the assessee There is no penalty for non-registration, even when registration under the statute is compulsory Daily Stock Account can be updated once in month Invoice under central excise law is required to be made in triplicate Payment of duty can be made once in six months 7) E-payment is mandatory for those manufactures who have paid central excise duty is Rs 50 lacs or more during the preceding financial year. ) If the assessee mentions CIN in the Return, it is not necessary to attach the copy of challan with the Return. Challan Identification Number (CIN) has three parts. 100% EOU has to submit the monthly return in ER-2 Form. Answer: Yes. Application for registration as a manufacturer should be made in Form A-l No. A 15 digit PAN based registration number (ECC) will be allotted to the assessee 3) No. There is penalty for non-registration which is Rs. 10,000 or duty on contravening goods whichever is higher No. Daily Stock Account should be updated on daily basis, two days delay is allowed. Yes. Invoice under central excise law is required to be made in triplicate No. Payment of duty can be made on monthly basis 7) Yes. E-payment is mandatory for those manufactures who have paid central excise duty is Rs 50 lacs or more during the preceding financial year. 8) Yes. If the assessee mentions CIN in the Return, it is not necessary to attach the copy of challan with the Return. Yes. Challan Identification Number (CIN) has three parts. Yes. 100% EOU has to submit the monthly return in ER-2 Form. 19. Multiple Choice Questions (1)Desk Review audit is a part of a) Special Audit b) C AG Audit c) Excise Audit 2000 ) Investigation (2)In the case of Excise Audit 2000, selection of assessee is based on a) Risk factor b) Non-risk factor c) Merit of assessee d) Value of goods (3)Time period to issue notice before commencing the audit. a) 20 days b) 5 days c) 25 days d) 15 days (4)Cenvat credit audit can be ordered by a) The Chief Commissioner of Central Excise. b) The Commissioner of Centr al Excise c) The Assistant Commissioner of Central Excise d) The Deputy Commissioner of Central Excise (5)Yearly audit is applicable for those units who paid the central excise duty by way of cash more than a) Rs. 300 Lakhs b) Rs. 150 Lakhs ) Rs. 100 Lakhs (d) Rs. 90 Lakhs Answer: 1) (c) 2) (a) 3) (d) 4) (b) 5) (a) 20. Fill in the Blanks 1) Units paying duty more than Rs 3 crore has audit 2) C A G submits the report to the, who causes these to be laid before each House of Parliament. 3) Valuation Audit carried out by. 4) The expenses of Cenvat credit audit and audit fees shall be paid by. 5) The maximum time limit for submission of such cost audit report isdays from the date of receipt of cost audit order by the manufacturer (6) C AG submits the report to the, who causes these to be laid before each House of Parliament. 7) The audit plan should be documented in the. (8) The Cost Accountant has to submit his audit report within the time specified by the______________. (9) Road chec ks are carried out by the department authorities to check whether all goods moving are accompanied bydocuments or not. (10)A minimum ofnotice should be given to the assessee before commencing the audit. (11)Stock taking can be done by the superintendent or Inspector of central excise for ______________and___________. Answer: Yearly The President of India. Cost Accountant Excise Department 180 days The President of India. Working papers Commissioner or Commissioner of Central Excise. Duty paying. 15 days. Finished goods and Cenvat goods 21. Say Yes or No, Give Reasons 1. Excise audit is compulsory every year if the payment of excise duty is more than 3 crores. 2. There are three types of excise audits under Central Excise Law. 3. Desk review audit can be conducted by a practicing Chartered Accountant or a practicing Cost Accountant in the premises of manufacturer. 4. Valuation audit can be ordered by the Superintendent of Central Excise 5. The expenses and audit fees shall be paid by Assessee . Returns are filed by the assessee without verification by the Excise department. Hence no audit is required to be conducted. 7. Central Excise Revenue Audit (known as CERA Audit) conducted by the Cost Accountant or Chartered Accountant. 8. The desk review is a part of the internal audit procedure and the services of the professionals are taken to help the department. 9. Valuation Audit can be ordered only with the prior approval of Chief Commissioner of Central Excise. 10. The desk review audit should be completed in 5-7 working days Answer: 1) Yes. Excise audit is compulsory every year if the payment of excise duty is more than 3 crores. 2) Yes. There are three types of excise audits under Central Excise Law. 1) No. Desk review audit can be conducted by a practicing Chartered Accountant or a practicing Cost Accountant in the premises of Department. 2) No. Valuation audit can be ordered by the Assistant or Deputy Commissioner of central excise after getting the prior permission of Chief Commissioner of Central Excise. 3) No. The expenses and audit fees shall be paid by the department. 3) No. Returns are filed by the assessee without verification by the Excise department. Hence audit is required to be conducted. 4) No. Central Excise Revenue Audit (known as CERA Audit) conducted by the C and A G department. 4) Yes. The desk review is a part of the internal audit procedure and the services of the professionals are taken to help the department. 5) Yes. Valuation Audit can be ordered only with the prior approval of Chief Commissioner of Central Excise. 5) Yes. The desk review audit should be completed in 5-7 working days. 22. Fill in the Blanks Service Tax is a tax on. Service Tax is applicable to the whole of India except the statue of. Registration is mandatory if the value of taxable services exceeds Rs. during the financial year. 4) Form________________is used for applying for registration under Service Tax. 5) The Due date of payment of service tax for the month is________________of the succeeding month. 6) The effective rate of service tax including Education Cess is________________. 7) Registered premises means all premises from where an assessee is providing____________________. ) The present rate of service tax is___________ plus_______________plus. 9) The Service tax provider is required to issue (within 14 days of completion of service) an_____________ signed by him or a person authorized by him. (10)If service tax payment is made through internet banking, such e-payment can be made by__________ of the following month or following quarter as the case may be. Answer: 1. Value of taxable services 2. Jammu and Kashm ir 3. Rs. 9,00,000 4. ST-1 5. 5th 6. 12. 36% 7. Taxable services 8. 12% plus 2% plus 1% 9. Invoice. 10. 6th 23. Say Yes Or No, Give Reasons ) The list of records needs to be maintained is not provided in the Service Tax Rules 2) Single registration in the case of multiple services rendered is possible subject to conditions 3) The due date for monthly return for service tax is the 25th of the succeeding month in the case of a company 4) A service provider is the person who renders the service 5) GAR-7 is the form used to pay Service tax 6) Service tax records are to be maintained at the registered premises of the service provider. 7) For any delayed payment of service tax, interest cannot be levied. 8) If Service tax paid during the previous year is in excess of Rs. 0 lakhs then e-payment is mandatory 9) Single Registration is possible with the permission from Department, only when the assessee maintains centralized billing or centralised accounting for multiple services provided fro m more than one premises. 10) If the last day of payment and filing return is a public holiday, tax should be paid and return filed on the previous working day. Answer: 1) No. This list is to be submitted once at the time of filing his first S. T. 3 return. Sales register, Purchase register, Cash book, Petty cash book, General ledger, etc. 2) Yes. Single registration in the case of multiple services rendered is possible subject to conditions 3) No. The due date for submitting the return is half yearly 25th October and 25th April. There is no monthly return concept in the service tax provisions. 4) Yes. A service provider is the person who renders the service 5) Yes. GAR-7 is the form used to pay Service tax 6) Yes. Service tax records are to be maintained at the registered premises of the service provider. 7) No. For any delayed payment of service tax, interest mandatory. 8) Yes. If Service tax paid during the previous year is in excess of Rs. 0 lakhs then e-payment is mandatory 9) Yes. Single Registration is possible with the permission from Department, only when the assessee maintains centralized billing or centralised accounting for multiple services provided from more than one premises. 10) No. If the last day of payment and filing return is a public holiday, tax can be paid and return can be filed on the next working day. 24. Multiple Choice Questions (1)Service tax can be levied on the a) Taxable services b) Exempted services c) Partly exempted and partly taxable services d) On purchase of input goods (2)Value of works contract includes ) Cost of consumables, electricity b) Value of transfer of property in goods c) Value of VAT or Sales Tax on the above d) None of the above (3)A person who neither intends to hold nor holds any title to the goods or services is called a) Pure Agent b) Dealer c) Service tax provider d) Manufacturer (4)Under Service Tax (Determination of Value) Rules, 2006, Act means a) The Finance Act, 1994 b) The Central Excise Act, 1944 c) Central Excise Tariff Act, 1985 d) Central Sales Tax Act, 1956 (5)Service tax is not applicable to the state of a) Jharkhand b) Himachal Pradesh c) Tripura d) Jammu and Kashmir 6)The importer of service is liable to pay service tax only when the service provider having a) No place of business in India b) Place of business in India c) Permanent ad dress in India d) None of the above (7)The service tax paid on input services claimed as Cenvat credit after the export of service a) Can be claimed rebate (i. e. duty drawback) b) Cannot be claimed any rebate c) Can be claimed as refund d) None of the above (8)If the immovable property in respect of which service is rendered outside India the service is considered an export a) Irrespective of where the payment has come from ) Only when payment came from overseas. c) Partly from overseas d) Even without payment received from an importer. (9)The value of any taxable service, as the case may be, does not include a) The rail fare collected by rail travel agent b) Value of services collected by rail travel agent c) Services provide by the consultant d) None of the above (10)Which of the following services does not come under export of service? a) Air transport of passengers embarking for international travel b) Export of services with respect to immovable property c) Export of services with respect to management consultancy services d) None of the above. Answer: (a) (a) (a) (a) (d) (a) (b) (a) (a) (a) 25. Fill in the Blanks 1. Service tax liability is dependent upon the type of thewho provides the taxable service 2. Service tax can be levied on theand 3. Services provided by Central or State Government are taxable unless these services are 4. If the value is not ascertainable thenshould be referred for arriving the value of such services. 5. Out of pocket expenses incurred arein the value of taxable service. 6. The expenditure or costs incurred by the service provider as aof the recipient of service shall be excluded from the value of the taxable service . Receipt of advance money is not 8. Taxable event in the case of import is the date of 9. Service tax is payable onof taxable service actually received and not on amount billed, even though taxable event arises. 10. The costs incurred by the service provider as aof the recipient of service shall be excluded from the value of the taxable service Answer: 1) Person. 2) Taxable Service and Value of Taxable Service 3) â€Å"statutory services† 4) Service Tax (Determination of Value) Rules, 2006. 5) Includible. 6) Pure Agent 7) a taxable event 8) actual import 9) The value. 10) Pure Agent 6. Say Yes or No, With Reasons 1) If a service is rendered free service tax is not payable because the value of the service is zero and no amount is received from the customer. 2) There is concept of pure agent that exists for the purpose of service tax valuation. 3) The value of goods transferred to the job worker is not included in the assessable value of service. 4) Service Tax can be levied on an advance payment received. 5) The central excise officer has the power to determine the value of the services after providing an opportunity to be heard to the assessee. ) Services delivered by a person having a place of business in Jammu and Kashmir to a person having a place of business in Andhra Pradesh is subject to service tax. 7) Statutory services are also taxable services . 8) Some services are taxable when provided to â€Å"any person†. If a service falls in that category, service provided on sub-contract basis will be liable to pay service tax. 9) A person having a place of business in Andhra Pradesh provides to a person having a place of business in Jammu and Kashmir. Such service is liable to service tax law. 0) The airfare collected by air travel agent in respect of service provided by him does not include in the value of services. Answer: 1) Yes. If a service is rendered free service tax is not payable because the value of the service is zero and no amount is received from the customer. 2) Yes. There is concept of pure agent that exists for the purpose of service tax valuation. 3) Yes. The value of goods transferred to the job worker is not included in the assessable value of service. 4) Yes. Service Tax can be levied on an advance payment received. 5) Yes. The central excise officer has the power to determine the value of the services after providing an opportunity to be heard to the assessee. 6) Yes. Services delivered by a person having a place of business in Jammu and Kashmir to a person having a place of business in Andhra Pradesh is subject to service tax, place of delivery of service is important. 7) No. Statutory services are not taxable services 8) Yes. Some services are taxable when provided to â€Å"any person†. If a service falls in that category, service provided on sub-contract basis will be liable to pay service tax. 9) No. A person having a place of business in Andhra Pradesh provides to a person having a place of business in Jammu and Kashmir. Such service is liable to service tax law. 10) Yes. The airfare collected by air travel agent in respect of service provided by him does not include in the value of services. 27. Multiple Choice Questions 1. Service tax liability arises only when the taxable turnover of the previous year exceeds a) Rs. 10,00,000 b) Rs. 9,00,000 c) Rs. 8,00,000, d) Rs. 7,00. 000 2. No service tax will be levied on value of goods and material supplied to the service recipient while roviding service, provided Cenvat Credit on such goods and material is a) not taken b) taken c) partly reversed d) none of the above 3. One of the following services is a â€Å"reverse charge† a) Mutual Fund distributors services b) Management consultancy services c) Telecommunication services d) Information Technology services 4. Services rendered to the Reserve Bank of India is a) taxable servi ce b) exempted service c) partly exempted d) none of the above 5. Importer of service is liable to pay service tax only when a) provider of service has no place of business in India b) provider of service has place of business in India ) import of service is not taxable in India d) provider of service is related to the importer 6. Services are taxable only when defined under a) Section 65( 105) of Finance Act, 1994 b) Section 64( 105) of Finance Act, 1994 c) Service Tax Rules d) Section 4 of the Central Excise Act, 1944 7. Which one of the following service is called reverse charge a) Service provider is liable to pay service tax b) Service receiver is liable to pay service tax c) No one is liable to pay service tax d) Whose services are exempted from service tax 8. Services provided to United Nations employees for their personal purposes is a) Liable to pay service tax ) Not liable to pay service tax c) Partly liable to pay service tax d) None of the above 9. ACA firm had a turnove r of Rs. 17 lakhs in Yl. Its turnover was Rs. 5 lakhs in Y2, Rs. 8 lakhs in Y3 and Rs. 5 lakhs in Y4. In which years is the firm liable to pay service tax? a) Yl and Y2 b) Yl,Y2andY3 c) Y2 and Y3 d) None of the above 10. Exemption turnover of Rs. 10 lakhs for previous year it is the value of taxable service rendered and for the current year a) Value of taxable service received b) Value of taxable services rendered c) Value of taxable services partly received and partly rendered d) None of the above. Answer: 1) (a) 2) (a) 3) (a) ) (b) 5) (a) 6) (a) 7) (b) 8) (b) 9) (a) 10) (a) 28. Fill in the Blanks 1. If the taxable services exceedbut is less thanthen the service provider will have to register with the Superintendent of Central Excise under the Service Tax provisions. 2. For certain services service tax liability is to be paid by the service receiver is called 3. Services provided to Special Economic Zones (or) services provided by Special Economic Zones are 4. Service tax liability is exempted if the turnover is less than or equal to 5. If the taxable turnover during the current year 2008-09 exceedsthen there is no exemption limit in the year 2009-10. Answer: 1) Rs. 9,00,000 but less than Rs. 10,00,000 2) Reverse charge 3) Non Exempted Services 4) Rs. 10,00,000 5) Rs. 10,00,000. 29. Multiple Choice Questions 1. What is the due date for payments of service tax in the case of a partnership firm? a) 5th day of the month immediately following every month b) 25th day of the month immediately following every quarter c) 5th day of the month immediately following every quarter d) 25th day of the month immediately following every month 2. ‘A Ltd’ enters into an advertising contract with ‘B Ltd. ‘ for a sum of Rs. 15,000 on 5-6-2006. ‘A Ltd. ‘ receives an advance of Rs. 10,000 on 06. 6. 2006 and the balance amount on the completion services of service on 12. 07. 2006. The service tax payable by ‘AB Ltd. ‘ is: a) Rs. 1836 by 25-8-2006 a) Rs. 1224 by 25-6-2007 and Rs. 612 by 25-8-2006 b) Rs. 1836 by 5-8-2006 b) Rs. 1224 by 5-7-2006 and Rs. 612 by 5-8-2006 3. ‘Y Ltd’ provides manage ment consultancy services to ‘X’ for a consideration of Rs. 20,000 . ‘Y Ltd. ‘ raises the bill on ‘X’ on 05. 06. 2006. ‘Y Ltd. † receives the payment from ‘X† on 15. 07. 2006. When should ‘Y Ltd. ‘ pay the service tax? a) on or before 5-8-2006 b) on or before 5-7-2006 c) on or before 31 -7-2006 d) on or before 30-6-2006 . Service tax is payable to the credit of the Central Government in: a) Form ST-3 b) GAR -7 challan c) Form F d) None of the above 5. Adjustment of excess of service tax can be allowed on the basis of a) Pro-rata b) Total amount at time c) Only 80% d) Only 50% 6. Penalty for not maintaining the proper books of accounts may extend to a) Rs. 5,000 b) Rs. 50,000 c) Rs. 2,500 d) Rs. 1,000 7. An assessee is allowed to rectify mistakes and file revised return a) Within 90 days from the date of filing of the original return b) Within 180 days from the date of filing of the original return c) Without a ny time limit ) None of the above 8. E- payment of service tax is mandatory only when the payment of service tax exceeds a) Rs. 50 Lakhs b) Rs. 5 Lakhs c) Rs. 10 Lakhs d) Rs. 15 Lakhs 9. How much abatement will be allowed to Mandap Keeper, Hotels and Convention Services providing full catering services a) 40% b) 60% c) 100% d) 50% 10. Cenvat credit is not allowed if the input services are exclusively used in the output services a) Exempted service b) Export of services c) Taxable export of services Answer: (c) (d) (a) (b) (a) (a) (a) (a) (a) (b) 30. Fill in the Blanks 1. Abatement is an amount that can befrom the value of the service. 2. In the case of Individuals the due date for payment of service tax for the III quarter is 3. In the case of companies the service tax for October is payable on or before of 4. For all assessees the due date for payment of service tax for the service rendered in the month of March is 5. E-payment of service tax has been made mandatory for assessees who have paid service tax of more than Rs. during the last financial year or during the current financial year 6. Half yearly return has to be filed using Form; The number of copies should be _____ 7. The time limit for filing revised return isdays from the date of 8. Penalty for not obtaining registration is Rs. per day for every day of default or Rs. whichever is higher. 9. The penalty will be reduced to%, if tax, interest and penalty are paid within 30 days from the date of receipt of order of Central Excise Officer. 10. The facility of e-payment of service tax has also been introduced from Answer: Deducted 5th of January 5th of November 31st March 1) Rs. 50,00. 000 2) ST – 3 , triplicate 3) 90 days from the date of filing the original return. 4) Rs. 00 per day or Rs. 5, 000. 5) 25%. 6) 11. 05. 2005 31. Say Yes or No, Give Reasons It is necessary to specify the heading under which the service being provided is falling. 2) Service provided from India with respect to immovable property situated abroad is called export of services. 1) There can be no reversal of Cenvat credit on input service towards Interior decorator services used to produce partly dutiable goods as well as non dutiable goods. 2) There can be no reversal of Cenvat credit on input services for an output service provider if the final services are deemed exports. ) Due date of payment of service tax for e-payer is the 6th of following month including the dues for March month. Service tax will be paid by an individual on monthly basis Due date of submission of half yearly return ST – 3 is 30th September Revised returns can be filed with in 90 days from the date of original return filed by the assessee E- payment of service tax is compulsory for every assessee Provisional assessment is not applicable at any given case under service tax provisions. Answer: 1) Yes. Specify the heading under which the service being provided is falling is necessary for the purpose of classification. ) Yes. Service provided from India with respect to immovable property situated abroad is called export of services. 3) No. There should be reversal of Cenvat credit on input service towards Interior decora tor services used to produce partly dutiable goods as well as non dutiable goods. 4) Yes. There can be no reversal of Cenvat credit on input services for an output service provider if the final services are deemed exports. 5) No. Due date of payment of service tax for e-payer is the 6th of following month except the dues for March month. No. Service tax will be paid by an individual on quarterly basis No. Due date of submission of half yearly return ST-3 is 25th October and 25th April. Yes. Revised returns can be filed within 90 days from the date of original return filed by the assessee No. E- payment of service tax is not compulsory for every assessee No. Provisional assessment is applicable under service tax provisions. 32. Multiple Choice Questions (1)Voluntary registration if turnover does not exceed a) Rs. 10,00,000 b) Rs. 1. 00,000 c) Rs. 12,00,000 d) Rs. 50,00,000 (2)Registration is Compulsory based on transactions (irrespective of turnover) if the dealer falls under the following categories ) Dealer is an importer b) Dealer selling goods within the state c) Dealer is dealing with the exempted goods d) None of the above. (3)Dealer is liable to pay tax at Special rates as specified in Schedule. a) Eligible to avail the VAT credit b) Not eligible to avail the VAT credit c) 50% of VAT eligible for credit d) Eligible to avail the VAT credit after registered under VAT (4)The prescr ibed authority may cancel the registration of a VAT dealer, where the VAT dealer: a) Has no fixed place of business b) Has place of business c) Has place of residence d) None of the above 5)Compulsory registration under VAT applicable if the dealer a) deals with inter-state sales b) deals with exempted goods c) buying and selling goods in the state d) none of the above Answer: 1) (a) 2) (a) 3) (b) 4) (a) 5) (a) 33. Say Yes or No, With Reasons 1) There are two types of registration (i) Compulsory Registration (ii) Voluntary Registration. 2) Dealers whose Voluntary Registration always rejected by the department 3) Dealer dealing with inter-state sales has to compulsorily register under the State VAT. 4) Registration is also available under VAT for TOT dealers or compounding tax opted dealer. ) A certificate of registration under VAT is not available. Answer: Yes. There are two types of registration (i) Compulsory Registration (ii) Voluntary Registration. No. Dealers whose Voluntary Re gistration always not rejected by the department Yes. Dealer dealing with inter-state sales has to compulsorily register under VAT. Yes. Registration is also available under APVAT for TOT dealers Yes. A certificate of registration under VAT is in the Form VAT 105 34. Multiple Choice Questions (1)How many Schedules are there under the VAT Act. a) Five Schedules b) Six Schedules c) Seven Schedules ) Eight Schedules (2)Goods specified under Schedule V will be taxed at the rate of a) 0% b) 1% (c) 4% (d) 12. 5% (3)Under which Schedule do Bullion and Specie come? a) Schedule 1 b) Schedule II c) Schedule III d) Schedule IV (4)The point of levy of tax for Aviation and other motor spirit is the point of a) First sale in the State b) Second sale in the State c) First and Second sale in the State d) Third sale in the State (5)Sale of taxable goods in the course of inter-state trade or commerce falling within the scope of section 3 of the Central Sales Tax Act, 1956 are called ) Zero rated sale s b) Exempted sales (c). Non-exempted sales (d) Taxable sales (6)VAT rate on all kinds of Pulses and Dhalls is a) 1% b) 4% c) 12. 5% d) 0% (7)At the point of first sale in the state the following product attracts 32. 55% of VAT a) Petrol b) Machinery c) Liquor d) Diesel Oil (8)Abbreviate ITC a) Input Tax Code b) Input Tax Credit c) Initial Tax Credit d) In-house Tax Credit (9)Sale of vegetables and fruits other than those cured, frozen, preserved, processed, dried, dehydrated or canned are called a) Exempted sales b) Taxable sales c) Partly exempted sales d) Special sales 10)Kerosene sold through public distribution system will attract VAT rate a) 0% b) 1% c) 4% d) 12. 50% Answer: 1) (b) 2) (d) 1) (c) 3) (a) 4) (d) 5) (b) 6) (a) 7) (b) 8) (a) 9) (c) 35. Say Yes or No, Give Reasons 1) Input Tax Credit can be allowed in respect of Schedule VI goods 2) Gold and Jewellery are liable to tax under VAT @ 1% 3) Goods that fall under the Schedule I will get Input Tax Credit 4) Generally sale of books, periodicals and journals are exempted goods under VAT. 5) VAT rates are common for all the products specified in Schedule V 6) The first seller of special goods in Andhra Pradesh is liable to pay. The second seller of these goods is not liable to charge and pay tax on his sales. 7) Liquor, at the point of first sale in the State of Andhra Pradesh, is subject to VAT @ 70% 8) VAT rate is zero in respect of sales of goods to any unit located in the Special Economic Zone. 9) Sugar product is listed in the First Schedule and is exempt from VAT. 10) All intangible goods including copyright, patent, rep license, DEPB are subject to VAT @4% Answer: No. Input Tax Credit can not be allowed in respect of Schedule VI goods. These goods are subjected to tax at special rates. Yes. Gold and Jewellery are liable to tax under VAT @ 1%. No. Goods that fall under Schedule I will not get Input Tax Credit. Because these goods are exempted goods. Yes. Generally sale of books, periodicals and journals are exempted goods under APVAT. Yes. VAT rates are common for all the products specified in Schedule V. Yes. The first seller of special goods in Andhra Pradesh is liable to pay. The second seller of these goods is not liable to charge and pay tax on his sales. Yes. Liquor, at the point of first sale in the State of Andhra Pradesh, is subject to VAT @ 70%. Yes. VAT rate is zero in respect of sales of goods to any unit located in the Special Economic Zone. Yes. Sugar product is listed in the First Schedule and is exempt from VAT. Yes. All intangible goods including copyright, patent, rep license, DEPB are subject to VAT @4%. 36. Multiple Choice Questions (1) Input Tax Credit (ITC) can be claimed if the inputs are used for a) business purpose b) personnel purpose c) distributing as free sample d) captive consumption (2)Every registered dealer must file return for each month on or before a) 20th of the succeeding month b) 10th of the succeeding month ) 5th of the succeeding month d) End of the current month (3)ITC can be claimed against inter-state sale only when those sales are supported by a) Form C b) Form D c) Form H d) Form I (4)The period covered by the return is called a Tax Period and will cover a a) Calendar month b) Calendar year c) Half a month d) Six months (5)The method under which tax is imposed at each stage of sales on the enti re sale value and the tax paid at the earlier stage is allowed as set-off is called a) Invoice method b) Subtraction method c) Deductive method d) Value addition and deletion method 6)Under Invoice method, tax credit can’t be claimed unless and until the a) Tax Invoice is produced b) Tax amount paid c) Goods are delivered d) Actual sales take place (7)VAT paid at reduced rate is called a) Compounding Levy of tax b) Non-compounding levy of tax c) Value added tax d) Sales tax (8)Sales returns is allowed as a deduction from the taxable turnover of goods if the goods are returned with in a) Six months of sales b) Twelve months of sales c) Three months of sales d) One month of sales (9)Product X is taxable @ 4% and Product Y is taxable @12. 5%. Product X is sold for Rs. 100,000 and Product Y for Rs. 0. 000. Total input tax credit is available for Rs. 5,000. What would be the net VAT payable? a) Rs. 5,250 b) Rs. 5,000 c) Rs. 2,500 d) Rs. 10,250 (10)A dealer in Andhra Pradesh paid C ST of Rs. 1,000 on inter-state purchases. VAT payable by him on local sales is Rs. 1,250. The Net VAT payable is. a) Rs. 250 b) Rs. 1,250 c) Rs. 1,000 d) Rs. 750 Answer: (A) (a) (a) (a) (a) (a) (a) (b) (a) (b) 37. Fill up the Blanks 1) VAT is apoint tax and helps to removeeffect. 2) There are two types of dealersand. 3) Input Tax is applicable only to. 4) Application for registration under APVAT can be made using Form No.. ) Schedule I lists the items that arefrom the VAT 6) The Input Tax Credit for VAT paid goods is not available for goods not meant for. 7) The due date for filing of Monthly VAT return isin the Form. 8) There are three methods for computation of VAT namelyand 9) Input Tax Credit can be claimed against inter-state sale only when those sales are supported by Form 10) The Department can reject the Voluntary Registration application made by dealer if he does not have a Answer: 1) Multi point, cascading effect. 2) VAT Dealer and TOT Dealer. 3) VAT Dealer 4) VAT 100 5) E xempt 6) Business ) 20th of the succeeding month, Form 200 8) Addition method, Invoice method and subtraction method 9) Form ‘C’ 10) Place of business 38. Say Yes or No, Give Reasons Taxable sales does not included Zero rated Sales Zero rates and Exempted sales are one and the same There is no such concept as Voluntary registration in VAT Schedule VI lists the items that are charged to tax at Special rates 5) Schedule V is a residuary head. Any items that does not find a place under Schedule I, II, III or IV can be classified under this schedule Input Tax credit can also be availed on Capital Goods ) TIN means Tax Identification Number which is nothing but the Unique VAT registration number allotted to all registered dealers Input Tax Credit can be availed for the Zero rates Sales 9) Input Tax Credit can be availed on Inter state purchases, or goods received by consignment sales or stock transfer to this s How to cite Tax and Central Excise, Essay examples

Russia in Wto free essay sample

Affaires Master of International Business Essay â€Å"Russian Federation in WTO: Advantages and disadvantages† Written by student Alexandra S. Gudimova MIB group Moscow 2013 Content Introduction3 Russian Federation in WTO: advantages4 Russian Federation in WTO: disadvantages6 Controversial issues8 Market access for goods — tariff and quota commitments8 Conclusion9 References11 Introduction Russian Federation an integral part of the global community. Defining the individual path of economic and political development, of our country however cannot remain aloof from the processes taking place around. The modern world is dictating its terms, and any State has the right to decide whether to accept them or not. And if State takes, it has to be unconditionally or amended at the features of the development. Russias accession to the WTO, to which country was going neither more nor less than 18 years, is just such a step considering the basic situation of world economic processes, Russia could not take them entirely due to a number of national characteristics. We will write a custom essay sample on Russia in Wto or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In addition, Russian Federation on its way to join the World Trade Organization faced many obstacles both political and economic, and also social issues. There was even an attempt to hold a referendum against the entry of Russia into the WTO; however, this attempt has not succeeded. So, August 22, 2012 can be considered the starting point of a new stage of development of the Russian Federation it became an official member of the WTO one hundred and fifty sixth member of the WTO (156-th). It accessed on favorable terms. Among the Big Twenty Russian Federation entered the WTO the last. However, nowadays the controversy on that subject does not cease. In this essay I try to understand what kind of benefits our country will gain as a result of this move and will clarify if there are any minuses of Russias accession to the World Trade Organization. The World Trade Organization was established in 1994 and is the successor to the General Agreement on Tariffs and Trade (GATT), which, in turn, has existed since 1947. Nowadays    the organization controls about 97% of world trade. The main objectives of the WTO are the liberalization of international trade, contribution to the economic growth in member countries and hence the increase of welfare of their citizens. In order to make decisions of such serious problems documents have been developed within the structure and, of course, their implementation should be mandatory by all members of WTO. Undoubtedly, Russias accession to the WTO is not synonymous with its bright economic future, because every process has both positive and negative sides. Russian Federation in WTO: advantages 1) Improving the image of the country as an equal participant in world trade. Reducing barriers to international trade market. Free access to established international dispute resolution schemes in the field of trade (there is special Commission for the settlement of disputes in WTO). More opportunities for Russian investors to participate in the economies of the countries members of the WTO. 2) Increase in competition in the financial sector as a result it could be the reduction of loan rates for households and for small and medium-sized businesses. 3) The modernization of the national economy in accordance with the requirements of the nowadays stage of development of trade and economic relations. Many Russian producers will be forced to pay special attention to the quality of their products in order to provide it with high competitiveness otherwise it will be impossible to enter the world market. 4) Reduction of fees. As a result the number of imported goods will become cheaper (for instance: medicines, foods, clothes, IT-products, etc. ). Definitely from this reduction will benefit only consumers, however Russian producers may lose. There will be also a decline in export duties, which will lead to the fact that Russian exports will also increase. From that decline will benefit mainly natural resource industries. Foreign companies will be more active in the Russian market and will enhance competition. As a result Russian goods will also become cheaper. 6) Entrance into the WTO is a major step for our country. The Russian foreign economic activity will become more predictable and stable. As a result, it can be expected an increase in the number of foreign investment. Also, probably, the ruble will become less volatile. 7) The transparency of trade laws of WTO members. Certainly, it is always easier to build trade and economic relations with a clear understanding of the positions of the parties, without any pitfalls. There will be a support for trade and economic interests in the process of adoption of new legislation in the field of international trade. Independent experts claim: * Accession to the WTO is positive for the Russian economy, as it assumes the improvement of the investment climate in the country and the potential attraction of the new technologies in the economy. The increase in the volume of foreign investments as a result of Russias accession to the WTO could amount at least a few percent of GDP, while the reduction of fees under agreements (import and export) will be only 430 billion rubles or 0.8% of GDP. Russia’s Accession of WTO Membership is also positive for the Russian budget, according to, forecasts; the growth of foreign trade will grow in the coming years at around 10% annually, so it can be quite optimistic about the prospects for the federal budget and the state treasury income growth. The expert believes that the main beneficiaries of Russias accession to the W TO will be Iron industry (ferrous and non-ferrous metals), oil and gas industries, chemical and consumer sector and the transport sector, etc. The main benefit of joining the WTO will be felt by exporters, as it will be easier for them to operate, since membership in the organization eliminates the possibility of the introduction of protective duties on exported Russian products. This will help to make more profitable export-oriented industries with high added value, which will improve the structure of the Russian economy and will help to reduce dependence on oil and gas exports. Russian Federation in WTO: disadvantages 1)   Many Russian companies will be unable to compete. As a result there will be a loss of jobs; the number of unemployed will increase. Particularly serious consequences will be in single-industry city, where because of the bankruptcy of city-forming enterprise can arise a social explosion. 2) The reduction of import duties could lead to the fact that a number of goods would be unprofitable to produce in Russia. The greatest risk is for the agricultural sector (both crop and livestock). 3) Reduction of import duties may have a negative impact on the domestic auto industry the influx of second-hand imported cars is a direct threat to Russian automakers. (Example: The customs duty for import of used vehicles, until recently, was more than 40 000 Euros. After Russias accession to the WTO, it will fall by more than 4 times). 4) Reduction of export duties will lead to further budget deficit, which will be paid by the emission of government bonds. This may lead to an increase in public debt, with all its further consequences. 5) . The Russian economy will lose considerable flexibility in the foreign trade. For example, Russia will not be able so zealously protect our car industry, which is now in the hothouse conditions, and in times of drought will not be able to set an embargo on agricultural products, as it was in 2010. It will be more difficult for Russian Federation to get rid of dependence on raw materials. Independent experts claim: * Analysts argue that there are few industries in Russia which will gain disadvantages of joining the WTO, but for the most vulnerable among them (in particular agriculture, production of cars, machinery, and light industry) it has been able to get longer transition periods for 5-7 years. This will allow to these industries to prepare more effectively for accession to the WTO. These industries will suffer from the fact that there will be a large number of the more interesting goods to buyers in terms of the price and quality, accordingly, some domestic companies in these sectors will lose a large volume of sales, revenue and profit due to increased competition. * However, it is likely when analyzing the IRR (internal rate of return) of the project to establish its own production or to start importing some goods; entrepreneurs come to the conclusion that net import is more interesting and profitable. In this case, none of the Russian ruble will receive from this membership in WTO. There will be only losses as the reduction of fees would kill domestic producers, which immediately causes the growth of unemployment and social collapse, and even a revolutionary situation. * What will happen to Russia can be seen by examining what has happened to the other countries that joined the WTO, the economy of which were as unprepared as Russias. For example, in the Ukraine, which joined the WTO in May 2008, came the crisis in automobile industry (-57% in 2009) and the decline of some sectors of agriculture. For example, there was the decrease in the production of flour (-10% in 2009 and -13% in 2011. ), in bakery products (-8% in 2009 and -9% in 2011. ), in dairy products  (-8% in 2009 and -10% in 2011. ). Fell sharply the production of beef, veal and pork (-21% in 2009 and -12% in 2011. ). Controversial issues In addition to positive and negative aspects of Russias WTO accession there are still some controversial issues. These include the gradual disappearance of one-company towns (single-industry city). Another controversial fact is that the WTO obligates Russia to purchase genetic engineering products (GMO products). For this reason Russia may gradually turn into a region, which will be full of genetically modified foods, because the agreement between the participating countries does not enable to thoroughly examine all imported goods, given the fact that trade relations between the WTO members are built primarily on trust. Therefore, these facts can create insurmountable problems for the food security of the population, and it is a very significant disadvantage. Another question is: will foreign direct investment be attracted into Russia in order to satisfy the domestic demand or it will be more preferable to import from China and the Eurozone? Market access for goods — tariff and quota commitments As part of the accession, Russia concluded 30 bilateral agreements on market access for services and 57 on market access for goods. Below is some information from the site of WTO. On average, the final legally binding tariff ceiling for the Russian Federation will be 7.  8% compared with a 2011  average of 10% for all products: * The average tariff ceiling for agriculture products will be 10. 8%, lower than the current average   of 13. 2% * The ceiling average for manufactured goods will be 7. 3% vs. the 9. 5% average today on manufactured imports. Russia has agreed to lower its tariffs on a wide range of products. Average duties after full implementation of tariff reductions will be:    * 14. 9% for dairy products (current applied tariff 19. 8%) * 7.  1% for oilseeds, fats and oils (current applied tariff 9. 0%) * 5. 2% for chemicals (current applied tariff 6. 5%) * 12. 0% for automobiles (current applied tariff 15. 5%) * 6. 2% for electrical machinery (current applied tariff 8. 4%) * 8. 0% for wood and paper (current applied tariff 13. 4%) Conclusion WTO membership is a great opportunity for Russia to improve its economic and business environment and gain more political strength and power over other countries in the international arena. However, the drawbacks brought up by membership may be too significant to ignore under the current situation even if all the benefits are considered together. The world is now changing very rapidly, and globalization is taking place everywhere, therefore joining the WTO looks inevitable for Russia to improve its economy. Such improvements could make Russia look more attractive to investors with resolution of the issues concerning property rights and gas prices, as well as the unraveling of trade conflicts with former independent Soviet republics. Experts indicate different time frame in which should the first results of the Russian accession to the World Trade Organization appear. According to forecasts, on average the adaptation of the national economy will take 6-7 years. It seems that during this time the controversy around this issue will die down and then flare up with renewed vigor. In the long run, the WTO membership should be very beneficial for Russia. It will create a much more favorable business environment in Russia. For example, the WTO membership will improve the legal system and enhance the legal environment for business in Russia; hence, it will positively affect the business investment climate in Russian markets. There are certain industries that will receive more benefits than others with Russia’s WTO accession. Those are telecommunications, metallurgy, footwear, garments, electronics, and strong alcoholic beverages; however, other industries will be facing increased competition and struggle to survive in sectors such as pharmaceuticals, furniture, the insurance industry, retail, and certain parts of the chemical  industry. Some regions of Russia will be sensitive to the changes in tariff policies, especially those with a high share of industries depending on high import share. The overall result of WTO membership accession should be beneficial for Russia. It will bring reduction of tariffs and quotas, reform young service industry, which is still under development and needs a lot of government protection. However, it will shack up the labor intensive industry sectors and raise the unemployment rate, which in the long run will go down with the market situation eventually balancing out.