TaxIndia (ca) (47 Points)
11 March 2011Kindly resolve the following basis query on customs credit :
1. Material is imported by a company and certain amount of customs duty (basic + additional duty) is paid on the goods at the time of import.
2. These goods are subsequently sold as it is without any process being carried out.
3. Kindly let me know if credit of duty (Basic + additional) can be passed to buyer ( who is a manufacturer) at the time of invoicing the imported goods.
Thanks a lot in advance for replying to the query.
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 13 March 2011
If you are registered as a manufacurer / dealer under excise than you can pass on the credit to the buyer by issuing excise invoice.
You need to take credit on imported goods than bill to the buyer with excise amount (which should be equal to the amount you have taken credit)
Regards
Dayananda
shankar patil
(CEO)
(85 Points)
Replied 14 March 2011
CVD + 4% ACD CAN BE PASSED U R REGISTERED AS A DEALER UNDER CENTRAL EXCISE
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