28 July 2012
SIR, WE WANT TO ACT AS COMMISSION AGENT. WE WILL HELP OUR CLIENT PURCHASE MACHINERY FROM CHINA ON THERE OWN ACCOUNT. WE WILL BE GETTING COMMISSION FROM THE SELLER THAT IS CHINESE COUNTERPARTY. CAN YOU PLEASE GUIDE WHAT PROCEDURE SHOULD WE FOLLOW FOR ACTING COMMISSION AGENT? WHAT LEGAL FORMALITIES WE NEED TO COMPLY WITH? WHAT IS PROCEDURE FOR IMPORTING MACHINERY ON OUR OWN ACCOUNT SO THAT WE CAN SHOW IT TO CLIENT (DEMO MACHINERY)?
29 July 2012
Mr Hiren, There are procedures to be followed w.r.t. RBI and customs department like getting IEC code etc. But, I can tell you that registration under respective VAT and CST Acts is necessary for importing by yourself. If you are acting just as a laison agent only,then this registration is not required......MJK
CAclubindia
