Particulars relating to import of product Z by Mr. Prahalad on 23-12-17 from Antwerp, Belgium to the Chennai airport, are given hereunder: FOB value of the Product: $ 10,000 Cost of transport, loading, unloading and hand

Computation of assessable value and total tax & duty payable by Mr. Prahalad in respect of import of product Z Particulars Value FOB value of the product $10,000 Cost of transport, loading, unloading and handling charges associated with the delivery of the imported goods to the place of importation, restricted to 20% of FOB Value (20% of $ 10,000) $2,000 Insurance (Actual) $1,000 CIF Value $13,000 Unloading charges at Chennai airport (Not to be added) (Landing charges are not to be added to the CIF Value in view of the amendment in rule 10(2) of the CVR vide Notification No. 91/2017- Cus (NT) dated 26.09.2017) Nil Exchange rate notified by CBEC $1=₹ 64 is to be considered for arriving at the assessable value of imported product (13,000*64) ₹ 8,32,000 Basic customs duty at 10% ₹ 83,200 Add: E.Cess @ 2% & SHEC @ 1% of custom duty ₹ 2,496 Value for the purpose of levying integrated tax ₹ 9,17,696 Add: Integrated tax leviable under section 3(7) [Assuming GST @12%] ₹ 1,10,124 Total duty & tax payable ₹ 1,95,820 Alternate Answer 3(a) Computation of assessable value and total tax & duty payable by Mr. Prahalad in respect of import of product Z Particulars Value FOB value of the product $ 10,000 Cost of transport, loading, unloading and handling charges associated with the delivery of the imported goods to the place of importation, restricted to 20% of FOB Value (20% of $ 10,000) $2,000 Insurance (Actual) $1,000 CIF Value $13,000 Unloading charges at Chennai airport (Not includible) Nil Exchange rate notified by CBEC $1=₹ 64 is to be considered for arriving at the assessable value of imported product (13,000*64) ₹ 8,32,000 Basic customs duty at 10% ₹ 83,200 Add: E.Cess @ 2% & SHEC @ 1% of custom duty ₹ 2,496 Total duty & tax payable ₹ 85,696 Note: Since the IGST Rate is not given, in the Question, Student may calculate custom duty by assuming IGST Rate i.e. 5%, 12%, 18% or 28%.