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CA Final Customs Act, 1962 — practice questions

Explore 54 free Customs Act, 1962 questions in CA Final Indirecttaxlaws. Open each question or exercise to read its content, reference answers and available explanation.

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Customs Act, 1962 questions and exercises with answers

Showing questions 1–30 of 54.

Under section 14 of the Customs Act, 1962, imported goods are valued on which basis?Read the answer and worked solution →Under section 14, the exchange rate applied is that on which date?Read the answer and worked solution →Which amount is added to transaction value under section 14(1)?Read the answer and worked solution →Which Act gives the customs duty rates levied under section 12?Read the answer and worked solution →Does section 12 customs duty apply to goods belonging to the Government?Read the answer and worked solution →Home consumption goods take the duty rate of which date?Read the answer and worked solution →For goods cleared from a warehouse, the duty rate date is which?Read the answer and worked solution →Under section 17, who first assesses duty on imported goods?Read the answer and worked solution →On what basis are cases chosen for verification of self-assessment?Read the answer and worked solution →A speaking order on contrary re-assessment is due within how long?Read the answer and worked solution →When may the proper officer re-assess duty after self-assessment?Read the answer and worked solution →Dutiable goods are goods chargeable to duty and what else?Read the answer and worked solution →'India' in the Customs Act includes which area beyond its land territory?Read the answer and worked solution →Which section of the Customs Act governs the bill of entry for imported goods?Read the answer and worked solution →Transit and transhipment goods are exempt from which section 46 step?Read the answer and worked solution →A bill of entry must include all goods listed in which document?Read the answer and worked solution →An importer lacking full details may, before entry, do what?Read the answer and worked solution →When may an officer order home clearance under section 47?Read the answer and worked solution →The entry document for goods exported by vessel or aircraft is called what?Read the answer and worked solution →Which document is filed for goods exported by land under section 50?Read the answer and worked solution →A licensed private warehouse under section 58 holds goods imported by whom?Read the answer and worked solution →Section 58A special warehouses are locked by whom, with no entry without permission?Read the answer and worked solution →The warehousing bond under section 59 is for a sum equal to what?Read the answer and worked solution →Who may permit a general warehousing bond?Read the answer and worked solution →When goods are transferred to another warehouse, the bond executed by the importer does what?Read the answer and worked solution →Which order permits removal of goods from a customs station for deposit in a warehouse?Read the answer and worked solution →Goods of other kinds may remain warehoused for how long from the section 60 order?Read the answer and worked solution →Capital goods for a 100% export oriented undertaking may stay warehoused until when?Read the answer and worked solution →Before clearance for home use, what may a warehoused goods owner do?Read the answer and worked solution →Which case is improper removal under section 72?Read the answer and worked solution →

Worked practice questions

Under section 14 of the Customs Act, 1962, imported goods are valued on which basis?

  1. Last year's average price
  2. Wholesale market value
  3. Cost of production
  4. Transaction value
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Correct answer: D. Transaction value

Section 14(1) makes the transaction value, the price actually paid or payable, the value of imported and export goods.

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Under section 14, the exchange rate applied is that on which date?

  1. Date of the invoice
  2. Date of the bill of lading
  3. Date of filing bill of entry
  4. Date of vessel departure
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Correct answer: C. Date of filing bill of entry

The price is converted at the exchange rate in force when the bill of entry is presented under section 46, or a shipping bill under section 50.

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Which amount is added to transaction value under section 14(1)?

  1. Drawback later received
  2. Post-import GST refunds
  3. Court fees paid in India
  4. Royalties and licence fees
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Correct answer: D. Royalties and licence fees

The proviso adds costs and services such as commissions, brokerage, engineering, royalties and licence fees, transport and insurance to the price paid.

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