PQR, an importer, furnished the under-mentioned data relating to a machinery imported in December, 2020: (i) Assessable value of the imported machinery US $ 40,000. (ii) Date of bill of entry is 8th December 2019. Basic

Computation of Customs Duty and Integrated Tax Payable by PQR Particulars Amount (₹) Assessable value (US $ 40,000 x 74) [Note-1] 29,60,000 (A) Add: Basic Custom Duty @ 15% [Note-2] 4,44,000 (B) Add: Social Welfare Surcharge @ 10% on ₹4,44,000 44,400 Total value to be taken for levy of Integrated Tax 34,48,400 (C) Add: Integrated tax @ 12% [Note-3] 4,13,808 Total Customs Duty and Integrated Tax Payable (A+B+C) 9,02,208 Notes: Rate of exchange notified by CBIC as prevalent on the date of filing of bill of entry would be the applicable rate. [Section 14(1) of Customs Act, 1962] Rate of duty would be the rate as prevalent on the date of filing of bill of entry or entry inwards whichever is later. [Section 15 of the Customs Act, 1962] Integrated tax is levied on the sum total of the assessable value of the imported goods, customs duties and applicable social welfare surcharge. Question has not specified whether Import has taken place by Aircraft, vessel or vehicle. It is assumed that Import has taken place by Vessel because in case of vessel duty is seen on date of Entry Inwards or Date of filing of bill of entry, whichever is later.