Naveen Jain (Taxation / Accounts / Audit etc.) (33 Points)
05 August 2015I WANT TO KNOW THAT WHETHER A REGISTERED IMPORTER WHEN STOCK TRANSFERS THE IMPORTED MATERIAL TO ITS BRANCHES IN OTHERS STATES AMOUNTS TO CHANGE IN STAGE OF MATERIAL i.e. CONSIDERED AS FIRST STAGE MATERIAL.... KINDLY GIVE ME THE EXTACT CLARIFICATION KEEPING IN VIEW THE RECENT AMMENDMENTS DURING 2015.
THANKS
Kanav Chadda
(Director)
(23 Points)
Replied 04 October 2015
I am looking for same answer.
Does a registered Importer transferring stock to branch against F form makes the branch a
"Consignment Agent of Importer" ??
OR if the stage does not change (Remains Importer only) how does one enter purchase details at branch for part transfer of goods ?? Does sale invoice at branch contains details of Actual Import at head office or part stock transferred from head office??
Thanking in advance.
Niraj Kumar Sinha
(Sr. Officer, SPSIL)
(648 Points)
Replied 05 October 2015
When you see the difination of First stage dealer, you will find "first stage dealer" means a dealer, who purchases the goods directly from,-an importer or from the depot of an importer or from the premises of the consignment agent of the importer, under cover of an invoice;
So trasnfer of imported material from importer to his branches does not amount ot transfer of stage.
Naveen Jain
(Taxation / Accounts / Audit etc.)
(33 Points)
Replied 05 October 2015
Thanks for your valuable reply.
Kanav Chadda
(Director)
(23 Points)
Replied 08 October 2015
Dear Niraj,
I agree on that.
But to input Stock Transferr invoice in Tally Software which does not have option of Importers Depot. What should be done ??
it only has the following options -
1. Importer (Self Import)
2. Agent of Importer
3. From Agent of Importer
i we select importer (so the stage dos not change as in other two option stage changes) it only records supplier invoice details and not details of actual import by HO.
now system treat this transfer invoice as fresh impot rather than stock tranfer of importer goods.
Please help.
Regards
CAclubindia
