11 August 2012
Is there a system within Indian Customs Tax Law that allows for a Custom Tax swap for goods traded between India and the USA?Example: If I wish to Export a product from the USA to India and there was a duty payable to Indian Customs of $100,000 USD and I also wished to Import to the USA products from India with a duty payable in the USA of $100,00 USD, would the duties cancel out each other so that I would not have to have a tax loss on either trade.
14 August 2012
I could not find anything in your answer relative to my question. I am interested in mitigating Custom Duties by not just exporting from the USA to India but also by exporting from India to the USA. Would the Custom Duties of one transaction aid in the lowering of the Custon Duties of the other transaction since the total business would stimulate commerce and the economy of both sides.
14 August 2012
Now we are getting somewhere. Unfortunatly I do not have complete understanding of Tax/Customs language. I am sure that my lack of knowledge in this area is the cause for not undersatnding your first reply. Please have patience, I'm trying.
CAclubindia
