B Com Exam > B Com Videos > Indirect Tax Laws > Baggage of custom duty - Customs Act,1962, Indirect Tax Laws
Baggage of custom duty - Customs Act,1962, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
|
50 videos|54 docs
|
FAQs on Baggage of custom duty - Customs Act,1962, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is custom duty? |  |
Ans. Custom duty, also known as import duty or import tax, is a type of indirect tax imposed on goods imported into a country. It is levied by the government to generate revenue and to protect domestic industries from foreign competition.
| 2. How is custom duty calculated in India? | |
Ans. In India, custom duty is calculated based on the value of the imported goods. The value of the goods is determined by the assessable value, which includes the cost of the goods, insurance charges, freight charges, and any other charges incurred before the goods reach the customs territory of India. The custom duty is then calculated as a percentage of this assessable value.
| 3. Are all goods subject to custom duty in India? | |
Ans. No, not all goods are subject to custom duty in India. Some goods may be exempted from custom duty based on certain criteria, such as being part of a specific trade agreement, being imported by specific organizations or individuals, or being classified as essential goods.
| 4. Can custom duty be refunded in India? | |
Ans. Yes, custom duty can be refunded in India under certain circumstances. If the imported goods are not used or sold and are re-exported within a specified time period, the custom duty paid can be refunded. Similarly, if there is an overpayment or incorrect assessment of custom duty, a refund can be claimed by the importer.
| 5. What is the penalty for customs duty evasion in India? | |
Ans. Customs duty evasion in India is a serious offense and can attract penalties, fines, and even imprisonment. The penalty amount may vary depending on the value of the goods involved and the intent of the evasion. It is important to comply with customs regulations and accurately declare the value and nature of imported goods to avoid any legal consequences.
Related Exams
About this Video
|
4.89/5 Rating |
|
Nov 22, 2024 Last updated |
Video Description: Baggage 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 Baggage of custom duty - Customs Act,1962, Indirect Tax Laws have been prepared according to the B Com exam syllabus.
Information about Baggage 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 Baggage of custom duty - Customs Act,1962, Indirect Tax Laws.
Introduction of Baggage of custom duty - Customs Act,1962, Indirect Tax Laws in English is available as part of our Indirect Tax Laws for B Com & Baggage 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 Baggage 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 Baggage of custom duty - Customs Act,1962, Indirect Tax Laws
Here you can find the meaning of Baggage of custom duty - Customs Act,1962, Indirect Tax Laws defined & explained in the simplest way possible.
Besides explaining types of Baggage of custom duty - Customs Act,1962, Indirect Tax Laws theory, EduRev gives you an ample number of questions to practice Baggage 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
practice quizzes
,Objective type Questions
,study material
,1962
,Viva Questions
,Baggage of custom duty - Customs Act
,MCQs
,mock tests for examination
,video lectures
,Baggage of custom duty - Customs Act
,1962
,Important questions
,ppt
,past year papers
,Extra Questions
,Baggage of custom duty - Customs Act
,shortcuts and tricks
,Free
,Sample Paper
,1962
,Previous Year Questions with Solutions
,Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
,Semester Notes
,Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
,Summary
,Exam
,Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
;
Study Baggage of custom duty - Customs Act,1962, Indirect Tax Laws on the App
Students of B Com can study Baggage 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 Baggage 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 Baggage 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