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About warehousing bond and bonded warehouses

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Reference no: EM133293325

Question 1. Which are the Basic Customs Act? Select 2 Sections that you feel are important and explain those in Detail.

Question 2. Write a note on Customs Valuation. Explain the various methods of customs valuation.

Question 3. Explain about warehousing bond and bonded warehouses. Explain the reasons which prompt an importer to use bonded warehouses.

Question 4. What is Custom House Agents? Explain with the functions they carry out.

Question 5. An Importer in India purchased items from Singapore for which the cost incurred is USD 40000. The cargo is transported by sea and the freight paid is USD 4200. The cargo is insured against any damages during the sea transport by paying a premium of USD 200.

Exchange Rate announced by CBIC is Rs.82 per USD.

Basic Customs Duty is 10% ad valorem.

Education Cess and Higher Education Cess as applicable. IGST applicable for the same item in India is 12%.

Find out the Assessable Value and Customs Duties.

Reference no: EM133293325

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