VAT on imported items
This query is : Resolved
14 June 2008
my friend, an NRI, wants to setup a trading business in india.goods( consumable goods) are imported and sold in india.My queries are
i)whether he is liable to pay VAT on imported items
ii) is he liable to collect VAT on subsequent sale in India, if yes, what is the percentage of VAT.
iii).whether he is eligible to get VAT input credit
i)whether he is liable to pay VAT on imported items
ii) is he liable to collect VAT on subsequent sale in India, if yes, what is the percentage of VAT.
iii).whether he is eligible to get VAT input credit
02 July 2008
1.YES, doesn't matter whether goods are imported or otherwise
2. YES, that would be as prescribed rate under VAT schedules i.e. itemwise
3. as you are saying goods would be imported i.e. not VAT paid, so question of ITC doesn't arisen. but he purchase VAT paid goods and subsequently sold then entitled for ITC.
2. YES, that would be as prescribed rate under VAT schedules i.e. itemwise
3. as you are saying goods would be imported i.e. not VAT paid, so question of ITC doesn't arisen. but he purchase VAT paid goods and subsequently sold then entitled for ITC.
Message likes :
1 times
02 July 2008
Thanks for your timely reply...thanks a lot
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
