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Questions and Answers
What does the Customs Act, 1962 facilitate for imported goods?
What does the Customs Act, 1962 facilitate for imported goods?
- Deferred payment of customs duty until the goods are cleared from the warehouse (correct)
- Immediate payment of customs duty upon landing
- Immediate clearance without payment of customs duty
- Exemption from customs duty for certain imported goods
Under the provisions of the Customs Act, 1962, how long can imported goods remain in a warehouse without incurring any interest liability?
Under the provisions of the Customs Act, 1962, how long can imported goods remain in a warehouse without incurring any interest liability?
- 6 months
- 1 year
- 3 years
- 2 years (correct)
Who can avail the warehousing provisions under the Customs Act, 1962?
Who can avail the warehousing provisions under the Customs Act, 1962?
- Only traders
- Both traders and direct importers (correct)
- Only direct importers
- No one can avail these provisions
What is the importer required to pay in order to utilize the warehousing facility?
What is the importer required to pay in order to utilize the warehousing facility?
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When does the importer agree to pay duty on the goods cleared from the warehouse?
When does the importer agree to pay duty on the goods cleared from the warehouse?
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What consideration must the importer make in order to utilize the warehousing facility?
What consideration must the importer make in order to utilize the warehousing facility?
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