M/s Vinit Overseas Ltd. exported some goods (which are leviable to export duty) to USA by air for an FOB price of US $ 3,00,000. Other relevant…
CA Final · Indirect Tax Laws · PYQS · September 2025
M/s Vinit Overseas Ltd. exported some goods (which are leviable to export duty) to USA by air for an FOB price of US $ 3,00,000. Other relevant details are as follows: Particulars Date Rate of duty Assume rate of exchange notified by CBIC Assume rate of exchange prescribed by RBI Presentation of Shipping Bill 09.02.2025 10% 1 US$ = 84 1 US$ = 83 Let export order 11.02.2025 12% 1 US$ = 82 1 US$ = 81 The Export duty payable by M/s Vinit Overseas Ltd. will be:
Suggested Answer and Working Notes:
Correct Answer: Option (A)
₹ 30,24,000
Topics: Customs: Valuation under the Customs Act, 1962
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