31 December 2010
Hi, A concern have IEC Code and sales tax & VAT No. and is working now as garment exporter. They wants to start import plywood from China, can it possible by same IEC and Sales Tax & Vat No. ? what is the rate of sales Tax & VAT on import and sale in Delhi? Please suggest me terms, conditions & procedure for import of plywood from China.
31 December 2010
Yes for IEC code there will be no problem but of course if your is a pvt ltd/public ltd company ,Memorandum /AOA should not restrict/allow for doing activity for which u intend to enter. For sales tax also although previously (before VAT regime) it was mandatory to add any item /give list of items you want to sale ,but after VAT regime now it is not mandatory you can sell any item .(but here again if u wish to do Central Sale it is better to give intimation reg your new product as while getting forms (C/F etc it become easy) As far as T & C for import is concerned it will depend purely on the commercial transaction that is being entered between you & your supplier ,You can make advance payment /you can make payment after getting the material or after a specified period all depends upon your business transaction/agreement between u & your supplier .Can use the services of some CHA who can clear material for you from customs .
Querist :
Anonymous
Querist :
Anonymous
(Querist)
01 January 2011
Thank you sir, whether Form No. 15CA & 15CB is mandatory for all outward remittance or not ?
01 January 2011
Although there is much discussion on this before also on the same subject & different opinion have been made by our experts ,but most of the bank is not insisting on such payment made in the normal course of business i.e. of buying /selling ,as otherwise also TDS is not applicable in normal buying/ selling transactions .
CAclubindia
