Question

From the following information customs duty payable. a. compute the assessable value and Value of machine as per FOB in UK pounds 32,000 b. c. d. e. f. Engineering and design charges UK pounds 12,000 Freight paid (Air) UK pounds 6,000 Insurance not known Commission payable to local agent @2% on FOB in INR The exchange rate announced by the central govt. is Rs.68 per UK pound.​

Answer 1

Explanation:

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Answer 2

The Assessable value of machine will be ₹3468000.

To Calculate the custom duty on any item, first we need to find its assessable value.

The assessable value of machine is as follows:    (in ₹)

Value of machine                              = 32000*₹68

                                                              = 2176000

engineering and design charges    = 12000*68

                                                             = 816000

freight paid                                         = 6000*68

                                                              = 408000

commission payable @2%               = 68000

Total                                                    = ₹3468000