What do you mean by 'goods entered for export' ?

Dear all,

i have to prepare system for accounting on DGFT benefit. Kindly give me accounting entries for DGFT transaction. As per my point of view following entries should be passed.

At the time of export
DGFT/Advance licence Dr
Export Incentive Cr

At the time of Sale to 3rd party
Customer Dr
DGFT/ Advance Licence Cr


At the time of Adjustment to custom duty
Custom duty payable Dr
DGFT/Adcance Licence Cr


Kindly give me direction or suggetion

Dear Sir,
We are an SEZ Unit and want to export consignment showing a DTA unit as the exporter.
If we file a third party export shipping bill in SEZ online system showing the DTA Unit as exporter, can we sign the shipping on behalf of the DTA exporter?
Also please explain the below conditions:
1.Requirements of positive NFE or any other conditions relating to authorized operations should continue to be discharged by unit.
2. Fulfillment of positive NFE should be reckoned on the basis of the price at which the goods or services were supplied by unit. such export will be counted towards fulfillment of obligations of unit only"

Regards,
Naresh Singrakhia
naresh.singrakhia@gmail.com

Hello Friends,

Our company want to import a new two wheeler of 250 CC. For this particular model we do not have Certificate of compliance as per Central Motor Vehicle Rules. So how to clear this bike from the Indian customs is the big issue for us.

Can you please help us.

Thanks in advance.

One of my friend wants to import a second hand machinery from UAE.The machine is about 10 years old and its original bill is also not traceable. He is getting the machinery free of cost. I want to know as to how will the machine be valued to calculate customs duty and if possible please let me know about the required documents ?

A Partnership firm manufactruing goods & having Excise manufacturing Number. that firm import Raw Material & Not claim SAD as refund because a manufacturer.

His excise consultant given advice him & taken a excise trading Number on different location in same state & import raw Material.Import Raw Material transfered on invoice to maufacturing division . TIN under vat is same. Firm maufacturing goods & paid vat/cst while sold goods.
Now he want SAD Refund

1) Can he claim Refund under custom Act notification no. 102/2007.

2) Can he issue invoice in same state while transfer goods ( Delhi Vat) from trading division to Maufacturing division
TIN is same.

Advice me.

What products can we import against the Duty Credit of VKGUY Licence. Is it for any product or only products related to Export against which the licence was issued

dear Expert
we have made wrong export invoice & as per invoice value buyer team paid customs duty and buyer deducted our payment due to wrong calculation, now what is the procedure for getting customs refund.

invoice has prepared to wrong rate

qty rate bill amt customs paid
150000 5.941 891236 89124

invoice should be prepare below rate
CORECT RATE
qty rate bill amt customs paid
150000 3.71 556500 55650

thanks in advance

High seas sales transaction

The original date of sale invoice is 9th Oct 2014 - submitted to bank for payment
where as the goods got cleared from Port on 10th Oct 2014.
The duty payment was made on 8th Oct 2014. This is a technical issue and our SAD refund claim can be rejected because of this.

please advice, sale date in the invoice can be revised to 14 or 15.10.2014

Dear All Experts,

My query regarding penalty on custom duty short paid.

We was paying custom duty @ 5% on an imported goods.
one day anti evasion team come and draw samples of material.
before receive any demand or notice from department we have paid differential duty with interest on basis of right tariff classification of material.
Now department asking for pay penalty @ 25%.

All the experts have request to tell, Are we liable to pay penalty on said differential duty?

Thanks