When is "International Customs Duty Day" celebrated ? -General Knowledge

When is "International Customs Duty Day" celebrated ? -General Knowledge
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6 January                .
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Has anyone purchased something worth $900 or more in Canada (or, for Canadians, in the US) and, if you did and had to bring it back over the border, how much did you have to pay for duty at Customs?

Description : Has anyone purchased something worth $900 or more in Canada (or, for Canadians, in the US) and, if you did and had to bring it back over the border, how much did you have to pay for duty at Customs?

Last Answer : Canadian duty guidelines. US duty guidelines.

Can businesses offset customs duty against VAT payments?

Description : Can businesses offset customs duty against VAT payments?

Last Answer : Customs duty is levied at the time of importation of goods in a country. Import VAT is levied on goods after Custom clearance and hence VAT will be calculated on the value which already ... Accountantsbox, support clients in assessing the impact of VAT on their business and comply with VAT law.

Among the tax revenues of the Union Government, the most important source is – (1) Income Tax (2) Customs Duty (3) Corporation Tax (4) Union Excise Duties

Description : Among the tax revenues of the Union Government, the most important source is – (1) Income Tax (2) Customs Duty (3) Corporation Tax (4) Union Excise Duties

Last Answer : (4) Union Excise Duties Explanation: Central excise revenue is the biggest single source of revenue for the Government of India. The Union Government tries to achieve different socio-economic objectives by ... adopted by entry 84 of List I of the seventh Schedule of the Constitution of India.

Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Description : Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Last Answer : (4) Expenditure tax Explanation: Expenditure tax is a taxation plan that replaces the income tax (a direct tax). Instead of applying a tax based on the income earned, tax is allocated based on the ... a consumption tax. The major benefit for this type of tax scheme is the removal of double taxation.

Which among the following is not a non-customs duty obstacle in the world trade? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Description : Which among the following is not a non-customs duty obstacle in the world trade? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Last Answer : (3) Determination of import duty uniformly Explanation: Non-tariff barriers to trade include import quotas, special licenses, unreasonable standards for the quality of goods, bureaucratic delays at customs, ... duty uniformly is comes under the sovereign duty of a nation. It is internal development.

The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : (2) Sale in a foreign market of a commodity at a price below marginal cost Explanation: Dumping is an international price discrimination in which an exporter firm sells a portion of its out-put in ... , incurring loss in the foreign market (International Economics by M. Maria. John Kennedy, p.122).

Which of the following taxes is not collected by the Central Government? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Description : Which of the following taxes is not collected by the Central Government? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Last Answer : (3) Professional tax Explanation: A professional tax, also known as an occupation tax or a professional privilege lax, is a tax that a professional must pay to receive the right to practice a ... and a professional who has clients in more than one state may owe professional taxes in several states.

If the addressee of inward foreign parcel is aggrieved on the customs duty imposed on the article, it a) Should be taken delivery by the addressee and referred to customs authorities b) Has no option except to take delivery or refuse to take delivery c) Can request for return of the article to the customs for reassessment d) None of these

Description : If the addressee of inward foreign parcel is aggrieved on the customs duty imposed on the article, it a) Should be taken delivery by the addressee and referred to customs authorities b) Has no option ... c) Can request for return of the article to the customs for reassessment d) None of these

Last Answer : c) Can request for return of the article to the customs for reassessment

It will be ensured that the aggregate value of all the VP articles including article including customs duty articles entrusted to an EDDA does not exceed Rs ______ a) 8000/- b) 5000/- c) 10000/- d) 20000/

Description : It will be ensured that the aggregate value of all the VP articles including article including customs duty articles entrusted to an EDDA does not exceed Rs ______ a) 8000/- b) 5000/- c) 10000/- d) 20000/

Last Answer : a) 8000/

Foreign post office giver a new serial number to any inward foreign parcel a) When subjected to customs and duty is assessed b) When subjected to customs immaterial of the fact whether duty is assessed or not c) When subjected to customs and if the parcel weight more than 10 Kg d) All of the above

Description : Foreign post office giver a new serial number to any inward foreign parcel a) When subjected to customs and duty is assessed b) When subjected to customs immaterial of the fact whether duty is assessed or not c) When subjected to customs and if the parcel weight more than 10 Kg d) All of the above

Last Answer : b) When subjected to customs immaterial of the fact whether duty is assessed or not

Mark correct options a) A post office or Sorting office or section which exchanges mails with offices in foreign countries is known as ‘Office of exchange”. b) A Foreign post office is an office of exchange in which the work of assessment of customs duty on foreign mail is also carried out. c) A Sub foreign Post office is does not close and receive any bags but in which the work of customs examination, assessment and accounting of custom duty is carried out. d) All the above

Description : Mark correct options a) A post office or Sorting office or section which exchanges mails with offices in foreign countries is known as Office of exchange . b) A Foreign post office is an office ... of customs examination, assessment and accounting of custom duty is carried out. d) All the above

Last Answer : d) All the above

When will a sender of outward foreign parcel get customs duty as refund from department? a. Parcel is returned as undeliverable b. Parcel is in a damaged condition c. Never refunded the customs duty

Description : When will a sender of outward foreign parcel get customs duty as refund from department? a. Parcel is returned as undeliverable b. Parcel is in a damaged condition c. Never refunded the customs duty

Last Answer : a. Parcel is returned as undeliverable

Which among the following is the exclusive jurisdiction of the state government? a. Corporation tax b. Customs duty c. Sales tax d. Income tax

Description : Which among the following is the exclusive jurisdiction of the state government? a. Corporation tax b. Customs duty c. Sales tax d. Income tax

Last Answer : c. Sales tax

The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : Sale in a foreign market of a commodity at a price below marginal cost

Which among the following is not a non-customs duty obstacle in the world trade ? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Description : Which among the following is not a non-customs duty obstacle in the world trade ? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Last Answer : Determination of import duty uniformly

Which of the following taxes is not collected by the Central Government ? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Description : Which of the following taxes is not collected by the Central Government ? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Last Answer : Professional tax 

Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Description : Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Last Answer : Expenditure tax

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