With reference to recent amendments made (Vide Finance Act, 2017) in the Customs Act, 1962, examine the validity of the following statements : A beneficial owner of imported goods is a person on whose behalf the goods ar
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2018
With reference to recent amendments made (Vide Finance Act, 2017) in the Customs Act, 1962, examine the validity of the following statements : A beneficial owner of imported goods is a person on whose behalf the goods are being imported but cannot be exported.
Answer & Explanation:
The statement is invalid: A new section 2(3A) has been inserted in the Customs Act, 1962 vide the Finance Act, 2017 to define beneficial owner means any person on whose behalf the goods are imported or exported or who exercise effective control over the goods being imported or exported.
Topics: Customs Act, 1962
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