Vsmart Academy [Link].
com CA Vishal Bhattad 09850850800 22
1. State whether the following statement 5. If any article is imported into India on
is true or false. which it is required to declare on the
Alcoholic liquor for human package thereof the retail sale price of
consumption is out of the scope of GST, such article under the provisions of the
hence, import of alcoholic liquor for “Legal Metrology Act, 2009” or the
human consumption is not subject to rules made thereunder or under any
levy of additional duty i.e. ACD 3(1). other law for the time being in force,
a. True the value of the imported article shall
b. False be deemed to be:
Ans:- a b c d a. the retail sale price
b. the retail sale price less abatement if
2. Additional duty i.e. ACD 3(1) is levied to any
countervail the effect of----------- on c. Transaction value
imported goods d. Tariff value less abatement
Fill in the blank Ans:- a b c d
a. Central Sales Tax
b. Service Tax 6. Mr. Paresh imported some article on
c. Value Added Tax which retail sale price is required to be
d. Excise Duty declared under “Legal Metrology Act,
Ans:- a b c d 2009” and for the like article produced
or manufactured in India, Central
3. For the purpose of valuation under ACD Government has fixed a tariff value, the
3(1), the value of imported article shall value of imported article shall be
be the aggregate of: deemed to be such:
a. Transaction value u/s 14 (1) or Tariff a. Retail sale price
value u/s 14(2) and Basic Customs b. Retail sale price less abatement if
Duty u/s 12 any
b. Countervailing duty referred to in c. Transaction value
section 9 d. Tariff value
c. Duty referred to in sub-section (3) & Ans:- a b c d
(5)
d. All of the above 7. Additional Customs Duty i.e. ACD 3(3) is
Ans:- a b c d levied to countervail the effect of Excise
duty on:
4. For the purpose of valuation under ACD a. Alcoholic liquor for human
3(1), the value of imported article shall consumption
not include: b. Raw Cotton
a. Transaction value or Tariff value c. Manufactured Material
[section 14] d. Raw Material
b. Basic Customs Duty [section 12] Ans:- a b c d
c. Social welfare surcharge on above
d. Safeguard duty [section 8B and 8C] 8. -------- is levied to countervail the effect
Ans:- a b c d of excise duty on raw material
a. ACD 3(1)
b. ACD 3(5)
Vsmart Academy [Link] CA Vishal Bhattad 09850850800 23
c. CVD 3(5) c. only 2, 3 & 4 above
d. ACD 3(3) d. only 1, 2, 3 & 4 above
Ans:- a b c d Ans:- a b c d
9. ACD 3(5) shall be levied to countervail 13. Which of the following duties or taxes
the effect of: included for the calculation of duty
a. Excise duty on raw material referred to in section 3(5)?
b. Excise duty on goods manufactured a. Basic Customs Duty u/s 12
in India b. ACD 3(1) or 3(3)
c. Sales tax or VAT c. Transaction value or Tariff value
d. Central Sales Tax d. All of the above
Ans:- a b c d Ans:- a b c d
10. ACD 3(5) shall be levied on any 14. Maximum tax rate that can be levied
imported article only if duty of ACD 3(1) u/s ACD 3(7) on any imported article in
or 3(3) levied on such article. State addition to other duties & taxes shall
whether the statement is true or false. be:
a. True a. Eighteen percent
b. False b. Twenty eight percent
Ans:- a b c d c. Forty percent
d. Twenty percent
11. ACD 3(5) shall be levied on any Ans:- a b c d
imported article to countervail the
effect of Sales tax or VAT at the rate: 15. While calculating the integrated tax
a. not exceeding four percent under sub-section (7) on any imported
b. exceeding four percent article, following shall be excluded:
c. not exceeding one percent a. tax referred to in sub-section (7) of
d. exceeding one percent section 3
Ans:- a b c d b. cess referred to in sub-section (9) of
section 3
12. For calculating the additional duty u/s c. duty referred to in sub-section,(1),
3(5), which of the following duty/duties (3) & (5) of section 3
are not included in it? Choose the d. Both a & b above
correct alternative. Ans:- a b c d
1. duty referred to in sub-section (5),
(7) & (9) of section 3 16. Mr. Ajay imported sewing machines
2. countervailing duty referred to in from Japan and warehoused such
section 9 goods by filing into bond bill of entry.
3. safeguard duty referred to in When the goods were in warehouse
sections 8B & 8C Mr. Ajay sold it to Mr. Vijay for ₹ 10
4. anti-dumping duty referred to in lakhs. The imported values of such
section 9A goods were as follows:
5. duty referred to in sub-section (1) & Transaction value section 14(1) - ₹ 7
(3) of section3 lakhs BCD @ 10% on above - ₹ 70000
a. 1,2, 3,4,5, ACD 3(1) on above - ₹ 77000
b. only 1, 2 & 3 above Integrated Tax u/s 3(7) - - ₹ 126000
Vsmart Academy [Link] CA Vishal Bhattad 09850850800 24
Calculate the value of such goods for 20. Mr. Sanjay imported goods from Nepal
the purpose of section 3(7) of Customs valuing ₹ 10,50,000 which is inclusive of
Act all duties & taxes. Mr. Sanjay deposited
a. ₹ 1000000 such goods in warehouse. While the
b. ₹ 847000 goods were in warehouse Mr. Sanjay
c. ₹ 973000 sold them to Mr. Ajay for ₹ 11,75,000
d. ₹ 700000 who in turn sold these goods to Mr.
Ans:- a b c d Vinay for ₹ 12,35,000 and such goods
were further sold by Mr. Vinay to Mr.
17. In case of sale of imported goods from Pranay for ₹ 12,25,000.
warehouse before clearance or export, Determine the value of such imported
the value of such imported article goods
under sub-section (7) of section 3 shall a. ₹ 1050000
be: b. ₹ 1175000
a. value determined u/s 3(8) c. ₹ 1235000
b. transaction value of such goods d. ₹ 1225000
c. retail sale price of such imported Ans:- a b c d
goods
d. higher of a or b above 21. FOB price of imported goods = $
Ans:- a b c d 4,00,000
Cost of transportation = ₹ 15000
18. State whether the following statement Cost of Insurance = ₹ 5000
is true or false BCD rate = 12%, ACD 3(1) rate = 10%,
Imported articles are also liable to GST and GST on like article in India = 28%
compensation cess in India in addition The exchange rate notified by RBI = 1$
to other duties and taxes = ₹ 62, CBIC rate = 1$ = ₹ 62.50
a. True Answer the following with respect to
b. False above
Ans:- a b c d i. Calculate Basic Custom Duty
a.₹ 3002400
19. Transaction value for the purpose b. ₹ 2976000
calculating ACD on warehouse sale c. ₹ 3127500
before clearance for home d. ₹ 2978400
consumption or export, where only part Ans:- a b c d
of the warehoused goods has sold for
more than once, shall be: ii. Calculate Additional Custom Duty
a. the transaction value of first of such payable in ₹:
transaction a. 2919000
b. the transaction value which is higher b. 2832264
of such transaction c. 2779840
c. the transaction value of last of such d. 2777600
transaction Ans:- a b c d
d. none of the above
Ans:- a b c d iii. Determine the Assessable value or
CIF value.
a. ₹25000000
Vsmart Academy [Link] CA Vishal Bhattad 09850850800 25
b. ₹24800000 d. ₹ 199800
1c. ₹25020000 Ans:- a b c d
d. ₹24820000
Ans:- a b c d iv. What will be the amount of duty
payable under ACD 3(5).
iv. Calculate the GST value a. ₹ 74592
a. ₹ 8639306 b. ₹ 85107
b. ₹ 8723373 c. ₹ 77370
c. ₹ 8633706 d. ₹ 73920
d. ₹ 8636706 Ans:- a b c d
Ans:- a b c d
v. IGST payable under ACD 3(7) is:
22. CIF value = ₹ 15,00,000 a. ₹ 345946
Cost of transportation = ₹ 50,000 b. ₹ 362090
Cost of insurance = ₹ 20,000 c. ₹ 349091
BCD @ 10%, ACD 3(7) @ 18%, ACD 3(9) d. ₹ 365381
@ 18% Ans:- a b c d
Answer the following questions on the
basis of the above given information vi. IGST payable under ACD 3(9) is:
i. Determine the amount of a. ₹ 349091
assessable value. b. ₹ 362090
a. ₹ 1570000 c. ₹ 411927
b. ₹ 1550000 d. ₹ 365381
c. ₹ 1520000 Ans:- a b c d
d. ₹ 1500000
Ans:- a b c d
A
ii. Determine the amount of Basic custom 1 b 11 a 21(i) a
duty payable 2 d 12 d (ii) b
a.₹ 157000 3 a 13 d (iii) c
b. ₹ 150000
c. ₹ 152000 4 d 14 c (iv) b
₹ 155000 5 b 15 d 22(i) d
Ans:- a b c d 6 d 16 a (ii) b
7 d 17 d (iii) d
iii. Calculate the amount of duty payable
under ACD 3(1). 8 d 18 a (iv) a
a. ₹ 198000 9 c 19 c (v) c
b. ₹ 227964
10 b 20 d (vi) a
c. ₹ 207240
Vsmart Academy [Link] CA Vishal Bhattad 09850850800 26