REVERSE CHARGE
amit (article ) (77 Points)
16 July 2017
Does advance payment to FOREIGN supplier for import of goods, liable to IGST under RCM ?
6 Replies
amit
(article )
(77 Points)
Replied 16 July 2017
But at the time of import again IGST will be charged in Bill of Entry....implies double taxation ? Plz clarify...
Sandeep Upadhyay
(1518 Points)
Replied 16 July 2017
Tax on advance will be adjusted with final invoice
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 16 July 2017
You can adjust your other sales liability. If no more liability you can get Refund.
amit
(article )
(77 Points)
Replied 16 July 2017
Provisio to Section 5 of IGST Act, says tax on goods imported into india shall be LEVIED AT THE POINT when duties of customs are levied i.e. when the goods crossed the custom area.
So before tax is levied how come it can be paid because at the time of payment of advance goods have not crossed the custom area ?
Please correct me if i am wrong .
So before tax is levied how come it can be paid because at the time of payment of advance goods have not crossed the custom area ?
Please correct me if i am wrong .
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