13 September 2014
Dear Sir, Our company is importing bags from abroad on which there is duty of 26% (10% basic, 12% CVD and 4% Spl CVD). Can you please confirm if any of these duty is adjusted with VAT if the products are sold further and What are the compliance's to be done for claiming this like IEC code required etc. For initial 20 lacs there is no VAT so for that sales can we keep this input in our books also.
15 September 2014
So you mean nothing can be done about 12% CVD. As per me this is in spirit of sales tax as if we purchase from local sellers they have to charge 12% sales tax. So this should be sttled with our outgoing sales tax
CAclubindia
