Q4.What do you understand by customs duty? Explain the taxable events for imported, warehoused and exported goods. List down the types of duties in customs. An importer imports goods for subsequent sale in India at $10,000 on assessable value basis. Relevant exchange rate and rate of duty are as follows: Particulars Date Exchange Rate Declared by CBE&C Rate of Basic Customs Duty Date of submission of bill of entry 25th February, 2010 Rs.45/$ 8% Date of entry inwards granted to the vessel 5th March, 2010 Rs.49/$ 10% Calculate assessable value and customs duty. (Meaning and explanation of customs duty 2 marks; Explanation of taxable events for imported, warehoused and exported goods 3 marks; Listing of duties in customs 2 marks; Calculation of assessable value and customs duty 3marks) 10marks
Custom duty :A customs duty is a tariff or tax on the importation (usually) or exportation (unusually) of goods. In theKingdom of England, customs duties were typically part of the customary revenue of the king, and therefore did not need parliamentary consent to be levied, unlike excise duty, land tax, or other forms of taxes. Commercial goods not yet cleared through customs are held in a customs area, often called a bonded store, until processed. All authorized ports are recognized customs area.
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