hello i am importing goods from china
can you pls tell me what kind of taxes i get refund(like SAD),also what is Depb license/focus licence
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 10 August 2011
Basic customs duty, addtional duty of customs and special additional duty of customs are leviable. If your are selling the imported goods on payment of vat, the SAD element 4% is refundable. If you are manufacturer using the goods in the manufacture of excisable goods , then the adnl. duty and SAD are cenvatable. DEPB is export incentive. When you export goods, you are given credit of a specified % of value of goods and this credit can beutilised for payment of customs duty on import.
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 10 August 2011
AGREED WITH SHRI NAIR JI.
ACTUALLY INCENTIVE ON DEPB / DRAW BACK IS AVAILABLE ON SELECTED ITEM , WHCIH CAN BE AVAILABLE IN DRAWBACK AND DEPB SCHEDULE AS PER CUTRRENT FOREIGN TRADE POLICY.
SAD IS ALSO AVAILABLE AS PER CUSTOM NOTIFICATION NO. 102/2007 DTD. 14.09.2007.
Rajesh Sharma
(Sr.Executive)
(28 Points)
Replied 27 August 2011
Ramesh Ji
I have gone thru the customs notification 102/2007 Dtd.14.09.2007 and i want to know one point which is mentioned in notification
"the importer, while issuing the invoice for sale of the said goods, shall specifically indicate in the invoice that in respect of the goods covered therein, no credit of the additional duty of customs levied under sub-section (5) of section 3 of the Customs Tariff Act, 1975 shall be admissible;"
What exactly this mean n how to fulfill this condition..
Regards
Rajesh
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