Business Taxation - Unit 5

What category does Custom Duty fall under?

• a. Direct Tax

• b. Indirect tax

• c. State tax

• d. Local Tax

When was the Customs Duty Act established?

• a. 1926

• b. 1962

• c. 1975

• d. 1957

When was the Custom Duty Tariff Act introduced?

• a. 1985

• b. 1986

• c. 1975

• d. 1976

Basic Custom Duty is levied on-

• a. Transaction Value

• b. Assessable Value

• c. Import Price

• d. Free on Board Price

Which of the following items is not covered under the Goods under Custom Act?

• Vessels

• Baggage

• Stores

• Farm House

Which of the following is not a type of Custom Duty?

• Basic Custom Duty

• Special Custom Duty

• Social Welfare Surcharge

• Integrated Goods and Services Tax

Mr. Richard, a trader in Delhi has opted for composition scheme of taxation under GST. Determine the rate of total GST payable by him under composition scheme:

• 0.5% CGST & 0.5% SGST

• 2.5% CGST & 2.5% UTGST

• 5% IGST

• 5% UTGST

IGM is used in

• Import procedure

• Export procedure

• Baggage

• Customs

Maximum limit of transportation cost is----

• 10% of Invoice price

• 20% of FOB price

• 1% of CIF value

• 5% of Assessable Value

Basic custom duty is levied on -----

• Transportation price

• Assessable value

• Import Price

• FOB Price