Vsmart Academy CA Vishal Bhattad 09850850800

Download as pdf or txt
Download as pdf or txt
You are on page 1of 5

Vsmart Academy www.vsmartacademy.

com CA Vishal Bhattad 09850850800 45


1. The power to license public warehouses d. All of the above
lies with: Ans:- a b c d
a. Principal Commissioner of Customs
b. Commissioner of Customs 6. If license granted to any warehouse has
c. Assistant / Deputy Commissioner of been cancelled then the goods deposited
Customs in such warehouse shall be removed to
d. Principal Commissioner of Customs or another warehouse or be cleared for
Commissioner of Customs home consumption within………….. from
Ans:- a b c d the date of serving order on the licensee
a. ten days
2. Any licensed public warehouses can be b. thirty days
used for depositing……….. goods c. fifteen days or such extended period
a. duty free as the officer may allow
b. dutiable d. seven days or such extended period as
c. exempt the officer may allow
d. import Ans:- a b c d
Ans:- a b c d
7. In case of bill of entry for warehousing,
3. In a licensed private warehouse, dutiable the importer has to execute a bond equal
goods imported by or on behalf of ………… to the sum of ………….. the amount of
may be deposited. duty assessed on such imported goods
a. Importer a. twice
b. Exporter b. thrice
c. Either a or b above c. either a or b above
d. Licensee d. five times
Ans:- a b c d Ans:- a b c d
4. The licensed public warehouses wherein
dutiable goods may be deposited shall be 8. Mr. Raj imported goods worth ₹ 20 lakhs
caused to be locked by the proper officer on which duty is payable at the rate of
and no person shall enter without the 10%. Determine the amount of bond to
permission of proper officer be executed by Mr. Raj if he wants to file
State true or false bill of entry for warehousing u/s 46 and
a. True assessed duty u/s 17 or 18.
b. False a. ₹ 2 lakhs
Ans:- a b c d b. ₹ 4 lakhs
5. Which of the following goods has been c. ₹ 6 lakhs
notified by the Board to be deposited in d. ₹ 8 lakhs
the licensed Special Warehouses? Ans:- a b c d
a. Gold, silver, other precious & semi-
precious metals
b. goods to be supplied to duty free 9. In case of multiple sales in high sea, the
shops in customs area transaction value under rule 4 of
c. Goods to be supplied to foreign Customs Valuation Rules shall be:
privileged person a. The price paid by the first buyer

Vsmart Academy www.vsmartacademy.com CA Vishal Bhattad 09850850800 46


b. The average price paid by all the b. 6 months
buyers involved in high sea sale c. 365 days
c. The price paid by the last buyer d. 1 year
d. The highest price paid by any of the Ans:- a b c d
buyer
Ans:- a b c d 13. The period of warehousing as mentioned
in section 61 cannot be extended by the
10. The period of warehouse available for Principal Commissioner or Commissioner
any Capital goods which are intended to of customs even though sufficient cause
be used in any 100% EOU/ EHTP/ STP or being shown by the importer.
any warehouse wherein manufacture or Identify the correctness of the above
other operations have been permitted statement
u/s 65 shall be: a. Correct
a. 1 year from the date of warehousing b. Incorrect
order Ans:- a b c d
b. 3 years from the date of warehousing
order 14. The Assistant Commissioner or Deputy
c. Till there clearance from warehouse Commissioner of Customs may extend
d. Ninety days from the date of the period of warehousing for imported
warehousing order goods by not more than one year at a
Ans:- a b c d time.
State true or false
11. Mr. George imported some goods not a. True
being capital goods, which are intended b. False
to be used in 100% Electronic Hardware Ans:- a b c d
& Technology Park. Mr. George filed a bill
of entry for warehousing u/s 46 and 15. If any warehoused goods other than
wants to know the time limit of goods intended to be used in 100% EOU
warehousing period available to goods /EHTP/ STP, remains in warehouse for a
imported by him. Kindly guide Mr. period more than ………… from the date
George as per the provision of law. of order of warehousing, importer shall
a. 3 years from the date of warehousing be liable to pay interest at the rate of
order …………. on the amount of duty payable at
b. till there clearance from warehouse the time of clearance of goods.
c. 1 year from the date of warehousing a. 60 days : 12% p.a.
order b. 1 year : 18% p.a.
d. No such period specified c. 90 days :15% p.a.
Ans:- a b c d d. 1 year : 15% p.a.
Ans:- a b c d
12. The period of warehousing is……….. from
the date of warehousing order for any 16. Pratibha Industries imported metal
imported goods which are not intended sheets from Australia for ₹ 20 lakhs. The
to be used in 100% EOU/ EHTP/ STP proper officer issued order for clearance
a. 180 days

Vsmart Academy www.vsmartacademy.com CA Vishal Bhattad 09850850800 47


of goods for warehousing for a period of d. All of the above
1 year on 1.1.18. On 30.9.18 100% Ans:- a b c d
exemption has been granted to metal
sheets from custom duty in India. 19. If any importer imported goods for
Pratibha Industries cleared goods for carrying out manufacturing or other
home consumption on 31.12.18. State at processes in warehouse, then the waste
which rate Pratibha Industries is liable to generated out of such manufacturing
pay interest on goods remained in process shall be remitted from duty if:
warehouse. a. Resultant product is fully exported
a. 18% p.a. on duty payable at the time b. Such waste product is fully
of clearance for home consumption destroyed or duty has been paid on
b. 15% p.a. on duty payable at the time such waste as if it is imported in that
of clearance for home consumption form
c. No interest is payable as goods are c. Resultant product is fully cleared for
exempt at the time of clearance for home consumption in India
home consumption d. Both a & b above
d. 12% p.a. on duty payable at the time Ans:- a b c d
of clearance for home consumption
Ans:- a b c d 20. If the resultant product emerged out of
manufacturing process carried out in
17. Star Industries imported music warehouse, is fully cleared for home
instruments from Russia for ₹ 10 lakhs. consumption then the warehoused
The proper officer issued order for goods contained in waste or refusal shall
clearance of goods for warehousing on be liable to duty at the rate applicable to:
1.1.19. Star Industries cleared goods for a. Original imported goods
home consumption on 31.12.19 by b. Waste product
paying custom duty @ 10%. c. Resultant product
Calculate the interest payable by Star d. Either b or c above
Industries as per warehousing Ans:- a b c d
provisions.
a. ₹ 15000 21. Mr. Ketan imported Spare parts of
b. ₹ 18000 machinery and warehoused those
c. ₹ 13562 goods. As per the provisions of customs
d. ₹ 11301 law, Mr. Ketan can relinquish his title on
Ans:- a b c d such warehoused goods upon payment
of:
18. An owner of warehoused goods has a. Import duty
following rights to deal with those goods b. Warehousing interest
except: c. Penalties if any payable
a. Inspect or sort the goods d. All of the above
b. Show the goods for sale Ans:- a b c d
c. Carry out necessary treatment on
containers to prevent loss or
deterioration or damage to the goods

Vsmart Academy www.vsmartacademy.com CA Vishal Bhattad 09850850800 48


22. Solitaire Pvt. Ltd. cleared its goods b. Deemed removal i.e. the date on
stored in warehouse for home which the warehousing period
consumption before completion of 90 expires
days by presenting ex-bond bill of entry, c. Presentation of bill of entry for
but failed to pay the import duty within home consumption
2 days of return of assessedbill of entry d. Either b or c above
by the officer. State the implication of Ans:- a b c d
delay in payment of import duty by
Solitaire Pvt. Ltd. 25. Mr. Gujral imported certain goods in Jan
a. Interest is payable @ 15% on the 2019. An into bond bill of entry was
amount of duty presented on 10th Jan, 2019. Assessable
b. No interest will be payable as goods value was $ 15,00,000. The order
removed from warehouse before 90 permitting the deposit of goods in
days warehouse for two months was issued
c. Interest is payable @ 18% on the on 15th Jan, 2019. Mr. Gujral failed to
amount of duty clear the imported goods before the
d. only warehousing interest is payable expiry of warehousing period i.e. upto
Ans:- a b c d 14th March, 2019. Mr. Gujral did not
obtain any extension of time as well. Mr.
23. The power to remit duty in case of Gujral cleared the goods on 30 th April,
volatile warehoused goods found to be 2019.
deficient in quantity due to natural loss, Date 10.1.19 15.1.19 14.3.19 30.4.19
lies with: Basic 10% 8% 18% Exempt
a. Principal Commissioner/ Customs
Duty
Commissioner of customs
Identify the rate of duty applicable on
b. Assistant/ Deputy Commissioner of
clearance of goods by Mr. Gujral
customs
a. 10%
c. Chief Commissioner of customs
b. b.8%
d. Joint Commissioner of customs
c. 18%
Ans:- a b c d
d. Exempt
Ans:- a b c d
24. Kesoram Rayon deposited his imported
goods in customs warehouse but failed
Answer:-
to clear those goods from the
1 d 11 b 21 c
warehouse before the expiry of
2 b 12 d 22 b
warehousing period. The rate of duty 3 d 13 b 23 b
applicable to Kesoram Rayon will be the 4 b 14 b 24 b
rate in force on the date of: 5 d 15 c 25 c
a. Presentation of bill of entry for 6 d 16 c
warehousing 7 b 17 d
8 c 18 d
9 c 19 d
10 c 20 a

Vsmart Academy www.vsmartacademy.com CA Vishal Bhattad 09850850800 49

You might also like