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    Welcome 1995
    Problem 1: The customs duty payable on imported goods worth Rs. 5,00,000 is Rs. 4,00,000, which is 80% of the customs value as the basic customs duty. The excise duty if the goods were made in India would be 10% of the customs value, which is Rs. 50,000. Problem 2: (a) The total CIF value of the imported goods is US $74,740. The customs liability includes basic customs duty of 25% of the CIF value, special customs duty of 2% of the CIF value, and countervailing duty of 8% of the CIF value, assuming the duties apply on the date of presentation of the bill of entry

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    Problem

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    Welcome 1995
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    Problem 1: The customs duty payable on imported goods worth Rs. 5,00,000 is Rs. 4,00,000, which is 80% of the customs value as the basic customs duty. The excise duty if the goods were made in India would be 10% of the customs value, which is Rs. 50,000. Problem 2: (a) The total CIF value of the imported goods is US $74,740. The customs liability includes basic customs duty of 25% of the CIF value, special customs duty of 2% of the CIF value, and countervailing duty of 8% of the CIF value, assuming the duties apply on the date of presentation of the bill of entry

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    Problem 1: The customs duty payable on imported goods worth Rs. 5,00,000 is Rs. 4,00,000, which is 80% of the customs value as the basic customs duty. The excise duty if the goods were made in India would be 10% of the customs value, which is Rs. 50,000. Problem 2: (a) The total CIF value of the imported goods is US $74,740. The customs liability includes basic customs duty of 25% of the CIF value, special customs duty of 2% of the CIF value, and countervailing duty of 8% of the CIF value, assuming the duties apply on the date of presentation of the bill of entry

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    16 views1 page

    Problem

    Uploaded by

    Welcome 1995
    Problem 1: The customs duty payable on imported goods worth Rs. 5,00,000 is Rs. 4,00,000, which is 80% of the customs value as the basic customs duty. The excise duty if the goods were made in India would be 10% of the customs value, which is Rs. 50,000. Problem 2: (a) The total CIF value of the imported goods is US $74,740. The customs liability includes basic customs duty of 25% of the CIF value, special customs duty of 2% of the CIF value, and countervailing duty of 8% of the CIF value, assuming the duties apply on the date of presentation of the bill of entry

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    Problem: 1

    Find the customs duty payable from the following particulars:


    Customs value of Imported goods: Rs. 5,00,000
    Basic Customs Duty payable: 80%
    Excise duty payable, if goods had been made in India : 10%.

    Problem: 2
    (a) Compute the customs liability as per the provisions of customs Act 1962 from the
    following information. Make suitable assumption and indicate the same in your answer:
    Product Imported – X
    Total FOB value of the goods US $74,000
    Quantity imported 100 mts
    Ocean freight US $10,000
    Insurance US $740
    Landing charges 1% of CIF value
    Exchange rate 1 US $=Rs. 37
    Date of presentation of B/E 28.02.97
    Date of Entry inwards of the vessel 3.3.97
    Customs duty rates:
    Types of Customs duty 28.2.97 3.3.97
    (i) Basic customs duty 30% 25%
    (ii) Special customs duty 2% 2%
    (iii) Countervailing duty 10% 8%

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