B Com Exam > B Com Videos > Indirect Tax Laws > Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws
Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
|
50 videos|54 docs
|
FAQs on Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is the purpose of the Customs Act, 1962? |  |
Ans. The Customs Act, 1962 is a legislation that governs the import and export of goods in India. It aims to regulate and control the movement of goods across the country's borders, ensuring compliance with customs procedures, and levying customs duties on imported goods.
| 2. What is the significance of valuation of customs duty under the Customs Act, 1962? | |
Ans. Valuation of customs duty is crucial under the Customs Act, 1962 as it determines the assessable value of imported goods for the purpose of levying customs duties. It ensures a fair and uniform method of assessing the value of goods, preventing under or over-valuation that could lead to loss of revenue for the government or unfair advantages for importers.
| 3. How is the valuation of customs duty determined under the Customs Act, 1962? | |
Ans. The valuation of customs duty is determined based on the transaction value of the imported goods, which is the actual price paid or payable for the goods when sold for export to India. If the transaction value is not available or not acceptable, alternative methods specified in the Customs Act, such as the value of identical or similar goods, deductive value, computed value, or fallback method, may be used.
| 4. Can the customs authorities re-determine the value of imported goods for customs duty purposes? | |
Ans. Yes, the customs authorities have the power to re-determine the value of imported goods if they have reasons to doubt the truth or accuracy of the declared value. They may request additional information, conduct an investigation, or even reject the declared value and determine the value based on the alternative methods specified in the Customs Act.
| 5. What are the implications of incorrect valuation of customs duty? | |
Ans. Incorrect valuation of customs duty can have serious implications. Under-valuation may lead to loss of revenue for the government, while over-valuation may result in excessive customs duties and additional costs for importers. Furthermore, incorrect valuation can lead to penalties, fines, and even legal consequences for non-compliance with customs regulations. It is essential to ensure accurate and transparent valuation to avoid these implications.
Related Exams
About this Video
|
4.63/5 Rating |
|
Nov 23, 2024 Last updated |
Video Description: Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws for B Com 2024 is part of Indirect Tax Laws preparation.
The notes and questions for Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws have been prepared according to the B Com exam syllabus.
Information about Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws.
Introduction of Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws in English is available as part of our Indirect Tax Laws for B Com & Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws in
Hindi for Indirect Tax Laws course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Indirect Tax Laws.
Information about Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws
Here you can find the meaning of Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws defined & explained in the simplest way possible.
Besides explaining types of Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws theory, EduRev gives you an ample number of questions to practice Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws tests,
examples and also practice B Com tests.
|
50 videos|54 docs
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Summary
,1962
,Important questions
,Previous Year Questions with Solutions
,Sample Paper
,1962
,Objective type Questions
,Valuation of Custom Duty - Customs Act
,Valuation of Custom Duty - Customs Act
,Exam
,study material
,1962
,video lectures
,Extra Questions
,mock tests for examination
,Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
,Semester Notes
,Valuation of Custom Duty - Customs Act
,practice quizzes
,shortcuts and tricks
,past year papers
,MCQs
,Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
,ppt
,Free
,Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
,Viva Questions
;
Study Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws on the App
Students of B Com can study Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Valuation of Custom Duty - Customs Act,1962, Indirect Tax Laws is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup