Valuation under Customs – Test 1

The manner in which duties of customs are charged on goods imported into India (import duty) or goods exported from India (export duty) is based on ———–

————is the price of the goods as comes out of the factory. It includes cost of production and manufacturer’s margin of profit.

—————— is the cost at which the export goods are delivered alongside the ship, ready for shipment. It includes ex-factory +local freight + local taxes.

————-means the stage at which the goods are placed on board the conveyance carrying the vessel. It can be said to include FAS + loading charges + export duty cess.

—————is the cost at which the goods are delivered at the Indian port. It covers cost of goods.

As per section 14 of customs act, 1962, transaction value shall also include in addition to the price, any amount paid or payable for costs and services, including ———–

As per section 14 of customs act, 1962, transaction value shall also include in addition to the price, any amount paid or payable for costs and services, including ————

As per section 14 of customs act, 1962, transaction value shall not include the following

As per section 14 of customs act, 1962 transaction value will not apply in which of the following cases

For imported goods, the conversion in value shall be done with reference to the rate of exchange prevalent on the date of filing of ———–

For export goods, the conversion in value shall be done with reference to the rate of exchange prevalent on the date of filing ————–

For the purpose of customs valuation, “rate of exchange” means the rate of exchange notified by ———— shall be taken into account

The CBIC notifies the rates periodically, and there are separate rates for imported goods and export goods .the rate for imported goods are ————–

The CBIC notifies the rates periodically, and there are separate rates for imported goods and export goods .the rate for export goods are ————

Sub-section (2) of section 14 provides that the Board may fix ———– for any class of imported goods or export goods, having regard to the trend of value of such or like goods by notification in the Official Gazette if it is satisfied that it is necessary to do so.

“Goods of the same class or kind”, means imported goods that are within a group or range of imported goods produced by a particular industry or industrial sector and includes ——–

“identical goods” means imported goods which are same in all respects, including ———– as the goods being valued except for minor differences in appearance that do not affect the value of the goods

“Identical goods” means imported goods ———–

The term “produced” includes ————

The term “similar goods” means imported goods

For the purpose of these customs valuation (determination of value of imported goods) rules, 2007, persons shall be deemed to be “related” only if —————-

For the purpose of these customs valuation (determination of value of imported goods) rules, 2007, persons shall be deemed to be “related” only if ——-

For the purpose of these customs valuation (determination of value of imported goods) rules, 2007, persons shall be deemed to be “related” only if ———

Which among the following are not related persons as per customs valuation (determination of value of imported goods) rules, 2007?

For the purpose of these customs valuation (determination of value of imported goods) rules, 2007, persons shall be deemed to be “related” only if ————

In applying rule 4, the transaction value of identical goods is the goods being valued shall be used to determine the value of imported goods is at the ———–

In applying rule 4, if more than one transaction value of identical goods is found, ———– shall be used to determine the value of imported goods

As per rule 7, while determining unit price, which of the following deductions have to be made?

As per rule 7, while determining unit price, which of the following deductions have to be made?

If neither the imported goods nor identical nor similar imported goods are sold at or about the same time of importation of the goods being valued, the value of imported goods shall, be based on the unit price at which the imported goods or identical or similar imported goods are sold in India, at the earliest date after importation but before the expiry of ———–after such importation