Practice Test

Q1) Ex-factory sale contains following extra cost over and above the basic value of goods _______ Show Answer

Q2) Free alongside sale contains following extra cost over and above the basic value of goods ______. Show Answer

Q3) Free on board sale contains following extra cost over and above the basic value of goods ______. Show Answer

Q4) Cost insurance freight sale contains following extra cost over and above the basic value of goods ____. Show Answer

Q5) According to Customs Valuation Rules, 2007 _____ shall be regarded as related parties. Show Answer

Q6) Transaction value shall be taken as assessable value for imported goods in case _____ condition(s) are satisfied. Show Answer

Q7) If all conditions under rule 3(2) of Customs Valuation Rules, 2007 are satisfied then Assessable value shall be transaction value as adjusted by rule _____. Show Answer

Q8) Identical goods are those goods which have _____. Show Answer

Q9) While calculating deductive value _____ shall be deducted from selling price in India. Show Answer

Q10) Similar goods are those goods which have _____. Show Answer

Q11) Computed value is total of cost or value of raw materials, profits & general expenses of exporter and _____. Show Answer

Q12) _____ adjustments to F.O.B. value shall be made under rule 10(1)(a) of Customs Valuation Rules, 2007 for determining Assessable value. Show Answer

Q13) In case of goods being cleared for home consumption and bill of entry is filed before arrival of vessel, _____ date shall be considered for determining rate of duty. Show Answer

Q14) In case of goods being cleared for home consumption and bill of entry is filed before arrival of vessel, _____ date shall be considered for determining exchange rate. Show Answer

Q15) In case of goods being cleared for home consumption and bill of entry is filed before arrival of vessel or aircraft, _____ date shall be considered for determining rate of duty. Show Answer

Q16) In case of goods being cleared for home consumption and bill of entry is filed before arrival of vessel or aircraft, _____ date shall be considered for determining exchange rate. Show Answer

Q17) In case imported goods are being cleared from warehouse for home consumption, _____ date shall be considered for determining rate of duty. Show Answer

Q18) In case imported goods are being cleared from warehouse for home consumption, _____ date shall be considered for determining exchange rate. Show Answer

Q19) In case exports by post _____ date shall be considered for both, exchange rate and rate of duty. Show Answer

Q20) Transaction value of identical goods is assessable under ______. Show Answer

Q21) If goods are entered for export u/s 50 relevant date for duty is _______. Show Answer

Q22) If FoB is not ascertain able but sum of FoB value and cost of Transportation is available, then cost of insurance is _______. Show Answer

Q23) If value of imported goods, cannot be determined under provision of ______. Show Answer

Q24) Additional duty u/s 3(1) is equal to amount of sale tax.
Show Answer

Q25) When certain goods are covered by generic description, the burden to prove that they are not so covered could be on department.
Show Answer

Q26) If both the classification are equally specific then latter tariff head is prefer to earlier tariff head.
Show Answer

Q27) General Rules of Interpretation are statutory principles of classification of goods.
Show Answer

Q28) Buying commission is considered as part of transaction value.
Show Answer

Q29) Science charges paid to canalizing agent is not includible in assessable value of imports.
Show Answer

Q30) Inspecting charges are not includable in the assessable value of imported goods if contract does not specify for certification by an independent agency.
Show Answer

Q31) Lending charges are to be added to CIF value.
Show Answer

Q32) Royalty payable as condition of sale is included in assessable value of imported goods.
Show Answer

Q33) Unloading charges and handling charges at place of importation are excluded from assessable value.
Show Answer