EASYOFFICE
EASYOFFICE


Saravanan
This Query has 1 replies

This Query has 1 replies

When the Customs duty is calculated, should we consider GST on Insurance premium also to arrive at Assessable value ?

Example 1 :
Insurance sum assured - Rs 30 Crores
Premium paid - Rs 10 lakhs
GST paid @ 18% - Rs 1.8 Lakhs
% of insurance - (Rs 10 lakhs / Rs 30 crores) X 100
- 0.0033 %
C & F price - USD 100
Insurance - 0.0033 ( 0.0033 % of USD 100)
CIF price / Assessable value - USD 100.0033

Example 2 :
Insurance sum assured - Rs 30 Crores
Premium paid - Rs 10 lakhs
GST paid @ 18% - Rs 1.8 Lakhs
Premium paid and GST - Rs 11.8 Lakhs
% of insurance - (Rs 11.8 lakhs / Rs 30 crores) X 100
- 0.0039 %
C & F price - USD 100
Insurance - 0.0039 ( 0.0039 % of USD 100)
CIF price / Assessable value - USD 100.0039

My opinion :
Since the Input tax credit is availed for GST portion of Insurance premium, it need not be considered for arriving Assessable value. So, Example 1 is correct.

Kindly advise.


jignesh sitapara
This Query has 1 replies

This Query has 1 replies

13 February 2023 at 09:41

Regarding Mistake.

I would like to inform you that, I wish to amendment shipping bill number. And it's date is 21-09-2021. Now IGST refund Rs. 5.42 lcas hold in this reason.
Please reply.


badrinarayanan
This Query has 1 replies

This Query has 1 replies

03 February 2023 at 12:27

Form A - EOU

Hi experts. As per the Circular 35/2016-Cus dated 29th July 2016, the EOU is required to be submit details of quantity imported, consumed, re-exported and in stock in FORM A.
Can anyone clarify whether it is mandatory to furnish monthly Form A for Nil return also ??


CA Parul Saxena
This Query has 1 replies

This Query has 1 replies

30 January 2023 at 12:44

Login on icegate

i have heard that juse IEC code required to login on icegate can somebody please tell me how to login on icegate portal?


C B Prakash
This Query has 1 replies

This Query has 1 replies

25 January 2023 at 17:40

Sending goods outside India for auction

Sending goods outside India for auction. Example company A in India send machines to Mexico for auction. Price will not be known at the time sending the machines. Only auction agreement will be made available to us. How do I send the machines? and at what price I have to issue the invoice?. Price may change according to the bidding in the auction i.e, it may go up or down.

What are issues related to FEMA if price goes down in auction.


Swapnil Jain
This Query has 3 replies

This Query has 3 replies

24 January 2023 at 15:09

Export incentives for Importing

Dear All
I am exporting some good from India to africa. The value is approximately 18 lakhs FOB. In near future I am going to import few machine for domestic use. Which benefits can I avail during import of machines. Please suggest


Poorti Kulkarni
This Query has 1 replies

This Query has 1 replies

Q1. Is it necessary show re-assessed bill of entry specified in deficiency memo ? what if re-assessment is not done at a prior stage? To whom re-assessment application is made?
Q2 which authority to approach in such case Refund claim under section 27 or Appeal under 128?
Q3. what the limitation period to file an appeal is over?


Kempe Gowda
This Query has 1 replies

This Query has 1 replies

22 January 2023 at 23:14

Barrowing money from Friend/Relative

Hello Friends,
Can you pls clarify on below questions.
1. Is there a limit on amount I can barrow from friend/Relative? Can I barrow like 1-3crs from their declared income(tax already paid)
2. Do I have to pay them interest at minimal rate if I have to keep the amount from more than year or two.
3. Do we have to sign agreement for documentation purpose if the loan is for long term to furnish to IT dept if demands as I will be declaring the loan during IT filing.

Thanks,


Prajith Us
This Query has 3 replies

This Query has 3 replies

31 December 2022 at 18:56

Repair and Return

My friend send one equipment to service, its not working conditions and 3 year old used in hospitals, for customs clearance what are the documents i need to submit, whether i need to pay custom duty?


Harsh
This Query has 1 replies

This Query has 1 replies

22 December 2022 at 15:02

Payment of Custom Duty(CD)

Respected Sir/Mam,

I want to know about time limit for "payment of custom duty" after arrival of vessel at port.
I have an idea about Sec 47 of customs act. I also want to know about whether payment of custom duty is impacted by Entry Inward date.