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    Customs Valuation

    Uploaded by

    Bengal Tiger
    This document contains 4 questions regarding customs laws and valuation in India. Question 1 involves calculating customs duty payable on an imported consignment using different duty rates and dates. Question 2 involves determining the applicable duty rate when goods are initially warehoused and then home consumed. Question 3 involves calculating duty payable for exported goods using different duty rates and dates. Question 4 involves advising a company on whether customs duty should be calculated based on the original or renegotiated import price.

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    Customs Valuation

    Uploaded by

    Bengal Tiger
    11 views1 page
    This document contains 4 questions regarding customs laws and valuation in India. Question 1 involves calculating customs duty payable on an imported consignment using different duty rates and dates. Question 2 involves determining the applicable duty rate when goods are initially warehoused and then home consumed. Question 3 involves calculating duty payable for exported goods using different duty rates and dates. Question 4 involves advising a company on whether customs duty should be calculated based on the original or renegotiated import price.

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    6. Customs Valuation

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    This document contains 4 questions regarding customs laws and valuation in India. Question 1 involves calculating customs duty payable on an imported consignment using different duty rates and dates. Question 2 involves determining the applicable duty rate when goods are initially warehoused and then home consumed. Question 3 involves calculating duty payable for exported goods using different duty rates and dates. Question 4 involves advising a company on whether customs duty should be calculated based on the original or renegotiated import price.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views1 page

    Customs Valuation

    Uploaded by

    Bengal Tiger
    This document contains 4 questions regarding customs laws and valuation in India. Question 1 involves calculating customs duty payable on an imported consignment using different duty rates and dates. Question 2 involves determining the applicable duty rate when goods are initially warehoused and then home consumed. Question 3 involves calculating duty payable for exported goods using different duty rates and dates. Question 4 involves advising a company on whether customs duty should be calculated based on the original or renegotiated import price.

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    of 1

    M.

    COM, SEMESTER II- INDIRECT TAX ANANDARAJ SAHA

    Customs Laws- Introduction to Valuation

     Question 1:
    (a) Mr. Malhotra imported certain consignment valuing ` 5,00,000. The date of entry inwards of
    the vessel is 17.7.2022 on which date the rate of customs duty is 12.5%. Mr. Malhotra filed Bill of
    Entry for home consumption on 31.7.2022, on which date the rate of customs duty has been
    reduced to 10%. Compute the amount of duty payable by Mr. Malhotra considering SWS rate is
    10% and no IGST is leviable. Also compute the total imported cost of the consignment.
    (b) What will be you answer in (a) above, if the date of entry inward is 02.08.2022 and on that date
    an exemption notification was issued exempting goods from basic custom duty in excess of 5%?

     Question 2:
    RX Ltd. imported consignment of goods, chargeable to duty @ 18% ad valorem. The vessel arrived
    on 31st July, 2022. A bill of entry for warehousing the goods was completed on 2nd August, 2022
    and the goods were duly warehoused. In the meantime, an exemption notification was issued on
    15th November, 2022 reducing the effective customs duty to 10% ad valorem. Thereafter, the
    importer filed a bill of entry for home consumption on 20th November, 2022 claiming 10% duty.
    The customs Department charged higher rate of duty @ 18% ad valorem.
    Give your opinion with reference to relevant provisions of the Customs Act, 1962.

     Question 3:
    ABC Ltd. intended to export goods valuing ` 8,00,000 to London by a vessel. It filed the shipping
    bill for export on 28.3.2023 (rate of duty 5%). The order permitting clearance and loading of the
    goods for exportation was made by the proper officer on 01.04.2023 (rate of duty 15%). The ship
    left Mumbai port for London on 04.04.2023 (rate of duty 15%) and the ship crossed the territorial
    waters of India on 08.04.2023 when the goods were made exempt from duty.
    Compute the amount of duty payable by ABC Ltd.

     Question 4:
    GH Chemicals Ltd. imported a machine from ABC Ltd. at USA (Boston). The price of the machine
    was contracted at USD 12,500 and the machine was shipped on 05.02.2023. Meanwhile, GH
    Chemicals Ltd. renegotiated a price reduction owing to the past relationship and the price reduction
    was agreed vide an e-mail and a fax was received on 20.02.2023 confirming the same. The machine
    arrived at Mumbai port on 05.03.2023. The assessing authority claimed that the duty would be
    payable on the basis of original contracted price, pre-shipment. Please advise your stand to GH
    Chemicals Ltd.

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