Max Payne (employed) (2569 Points)
16 January 2012Hey
Does anyone know if any of the import duties are admissible as input credit under VAT law?
(I am not aware of any admissible duties)
Our client is importing reflective stickers (stuck on buses) called 3M stickers
from USA.
Just want a confirmation that there is no admissible duties...
Thanks in advance...
RAJU
(LEARNER)
(1089 Points)
Replied 16 January 2012
No credit of customs duty is available against VAT liability.
However, Additional Customs duty paid U/s.3(5) of Customs Act can be claimed as refund from the Customs Department if the importer has paid VST/CST on re-sale of such goods.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
