WorksheetsBusiness Taxation - Unit 5
Total questions: 20
Worksheet time: 7mins
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
What is the first stage in Import procedure?
Filing of import bill of entry
Preparation of Entry Inward by customs officer
Preparation of Import General Manifest
Arrival at customs port or airport
Which one of the following options is not the method to find the transaction value of goods imported/exported?
Invoice
Transaction value of identical goods
Deductive value
Ad valorem
Abbreviation of BIN
Bank Identification Number
Board for International Trading Network
Business Identification Number
Board for India Trading Network
Goods chargeable under customs i.e., dutiable goods come under Red Channel
False
True
Sec 77 of Customs Act discusses about
Detained goods
Declaration by owner of baggage
Tariffs
Bonafide baggage
Counter Vailing Duty (CVD) is imposed as per
Sec 10 of Customs Tariff Act, 1976
Sec 11 of Customs Tariff Act, 1977
Sec 9 of Customs Tariff Act, 1975
Sec 12 of Customs Tariff Act, 1978
CIF = Cost + Insurance + Fixed charges
True
False
Which one of the options is not the objective of Customs?
Safeguard domestic trade
Preventing smuggling
Public safety and security
Protection of home industry
What is the term used for the document that details the nature, quantity, and value of goods for customs clearance?
Bill of Lading
Shipping Manifest
Import License
Customs Declaration Form
What is the term for the area within an airport or seaport where goods are unloaded, stored, and undergo customs clearance?
Customs Warehouse
Duty-Free Zone
Free Trade Area
Bonded Area
