The document appears to be a practice test or quiz on customs warehousing provisions in India. It contains 21 multiple choice questions related to topics like licensing of warehouses, goods that can be deposited, time periods for warehousing, duties and interest payable on warehoused goods. Some key details covered include that the power to license warehouses lies with customs authorities, both dutiable and duty free goods can be deposited, time limits vary based on type of goods and intended use, and interest is payable if goods remain in warehouse beyond certain periods.
The document appears to be a practice test or quiz on customs warehousing provisions in India. It contains 21 multiple choice questions related to topics like licensing of warehouses, goods that can be deposited, time periods for warehousing, duties and interest payable on warehoused goods. Some key details covered include that the power to license warehouses lies with customs authorities, both dutiable and duty free goods can be deposited, time limits vary based on type of goods and intended use, and interest is payable if goods remain in warehouse beyond certain periods.
The document appears to be a practice test or quiz on customs warehousing provisions in India. It contains 21 multiple choice questions related to topics like licensing of warehouses, goods that can be deposited, time periods for warehousing, duties and interest payable on warehoused goods. Some key details covered include that the power to license warehouses lies with customs authorities, both dutiable and duty free goods can be deposited, time limits vary based on type of goods and intended use, and interest is payable if goods remain in warehouse beyond certain periods.
The document appears to be a practice test or quiz on customs warehousing provisions in India. It contains 21 multiple choice questions related to topics like licensing of warehouses, goods that can be deposited, time periods for warehousing, duties and interest payable on warehoused goods. Some key details covered include that the power to license warehouses lies with customs authorities, both dutiable and duty free goods can be deposited, time limits vary based on type of goods and intended use, and interest is payable if goods remain in warehouse beyond certain periods.
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
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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
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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
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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
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A Short View of the Laws Now Subsisting with Respect to the Powers of the East India Company
To Borrow Money under their Seal, and to Incur Debts in
the Course of their Trade, by the Purchase of Goods on
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