27 September 2015
VAT is liable at 5% on the intangible goods viz import licence as per schedule 5 to the Telangana VAT Act.What constitutes turnover of import licence in VAT Act.
28 September 2015
When certain goods manufactured in India are exported,the manufacturers/traders are permitted to import the raw materials required by them.This is the policy adopted by the Central govt in order to promote export of goods like silk fabrics,jewellery,etc.Such licences are called as REP(repleshment) licence.This is a special permit to import the restricted goods such as silk yarn,gold bullion etc,with reduced or nil export duty.If the exporting trader does not utilise such permits/licence,he can transfer it to some other person for a price.This sale of REP Licence,exim scrips is taxable in all states.....mjk
Querist :
Anonymous
Querist :
Anonymous
(Querist)
04 October 2015
Sir, Indeed it is a good informative reply.Thank you very much.
CAclubindia
