
Dear Professional Seniors & Friends,
Warm Greeting!
Here is the Next post of #MCQ on concept based practical professional knowledge on Assessable Value as per Customs Acting a unique manner to be self answered by participants. The detailed answer of these MCQs shall be posted next day for the self assessment of the participants.
MCQ 98.1: A Company has imported machinery worth Rs 150 Crore for manufacture of Air Conditioners. The Cost of Royalty and Production fees (worth RS 20 Crore) was included in the goods. With respect to the Assessable Value of customs duty on the same answer the following question.
A. Assessable Value on which customs duty is payable is Rs 130 Crore.
B. Assessable Value on which customs duty is payable is Rs 150 Crore.
C. Assessable Value on which customs duty is payable is 75 Crore.
D. None of the Above.
MCQ 98.2: If in the above case Company had paid Rs 130 Crore with no hidden cost. But Technical Know Charges (Rs 20 Crore) are incurred by the company after the installation of Machinery.
A. Assessable Value on which customs duty is payable is 130 Crore.
B. Assessable Value on which customs duty is payable is Rs 150 Crore.
C. Assessable Value on which customs duty is payable is 75 Crore.
D. None of the Above
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CA Sanjay Kumar Agrawal
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Dear Professional Seniors & Friends,
Warm Greetings!
This post of MCQ is on provisions relating Assessable Value of Customs Duty.
Answer MCQ 98.1: B) Assessable Value on which customs duty is payable is Rs 150 Crore.
Answer MCQ 98.2: A) Assessable Value on which customs duty is payable is 130 Crore.
Practical Analysis of MCQ 98.1:
Based on the above Analysis, Answer to MCQ 98.1: B) Assessable Value on which customs duty is payable is Rs 150 Crore.
Practical Analysis of MCQ 98.2:
Based on the above Analysis, Answer to MCQ 98.1: A) Assessable Value on which customs duty is payable is Rs 130 Crore.
(Disclaimer: The objective of the MCQ post is just to discuss the concept, it may happen, by change of facts, the answer may be different. Please do not treat this as professional opinion; you can definitely have your own opinion.)
Sincere Regards!
CA Sanjay Kumar Agrawal
Mobile: 9810116321
To access MCQ posts regularly, please Join Telegram Channel:
https://t.me/caSanjayKumarAgrawal
For All MCQ post please click on:
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