Sir what is custom duty rate used for 7.5% basic duty capital goods and foreign exchange rate used for conversion of basic amount of machine value excluding vat and cst

Dear Experts

My company engaged in trading business.Now the question is We import some material from Pakistan and At the same time I export this material to Nepal (i.e same truck deliever material to Nepal)
1.Is the above trading is legal in India
2.What is the procedure to be follow if it is legal

So please solve my query.

We have received letter from our bank to submit exchange control copy against payment made to foreign vendor . However we have already submitted the same to bank previously but we missed to take acknowledge of receipt. Is there any way to get it again from customs?

Dear Expert

please advise on below case:-

Suppose if we import goods of USD 10 Lac and paid USD 10 lac to Vendor.
But later due to some quality issue we rejected this material and send back ( Re Exported ) to vendor then Vendor has provided us replacement of material of USD 8 lac and rest USD 2 lac paid by vendor to us .

Now we have received only Usd 2 Lac against re export of USD 10 lac. since replacement provided by vendor of USD 8 Lac in aspect of Material .

Please advise me does RBI allow to receive in kind consideration and also confirm to me for which amount bank will issue BRC to us against it re export.

Regards
Deepak



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Dear Sir,

If we import goods from outside india, the custom duty is exempted on electrical goods(like mobile parts) in semi Knocked down form .what is the procedure to availing exemption of custom.

Why does CBEC notifies both buying as well as selling rate. In case of selling rate logic is clear as invoice is in Forex and we need to convert it into INR, but what's about buying rate, why is it notified? It will be used in export but export invoice. already in INR...

I imported machineries and applied under EPCG scheme to make it duty free, since then 2 years have passed and i have not yet exported anything.

I need a clarification on :
1. Do i have to file annual returns for the exports?

2. now as my export is nil till date, do i have to file a nil return?

We are exporting engineering goods to Bhutan and Nepal and receiving payment in INR. Can we claim export benefits against such exports under chapter 3 of FTP. A plain reading of the MEIS scheme focuses on free foreign exchange (para 3.04). Kindly advice

I am a representative of an NGO with 35 AC, 80G and FCRA certification.
We are willing to import some equipment from Australia for our development Project.
What is the provision for Tax/ Duty or other formalities related to Charitable trust's Import and Exports.Is there any exemption on duty? if we will be sourcing it from abroad.
We do not have any licence for Exports/ Imports. Can we have the licence?
Thanks.

I want to add another firm to my existing IEC,

how Can i do that?

also while importing how Can i mentione the same new firm which is updated?