From the following informations you are required to determine the Export Duty and explain your assumptions: (i) FOB Price of goods: US $120000 (ii) Shipping Bill presented electronically on: 26.04.2017 (iii) Proper offic

Computation of Export Duty Particular Amount Transaction Value of exports = FOB price of Goods. No further, addition of landing charges is to be made. US $1,20,000 Rate of exchange [The rate of exchange notified by CBEC on the date of presentation of shipping bill as per section 14 of the customs act.] ₹60 per $ Value in Indian Currency (US $1,20,000 x ₹60) ₹72,00,000 Rate of Duty [The rate of duty on which the proper officer makes an order permitting clearance and loading of the goods for exportation, is considered] 10% Export Duty @ 10% (No education cess is levied on exports) ₹7,20,000