Dear Friends,
If a foreign party "A" pays a indian party "B" in forex for purchase of vatable goods which is to be delivered in the same state to another concern say "c",then ,will vat arise in this transaction where the goods are not moving out of India but the payment is made by a nonresident.Please share you view on this.
If you are accepting payment in foreign currency, you need to export the goods out of India. Invoice generated for this export sale will not have tax (vat) levied. Taking payment in forex and selling domestically is not allowed.
Prish Consultancy LLP
New Delhi
B.Com
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K R Kiran Kumar & Associates
Bengaluru
CA Inter
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Suraj Garg and Associates
New Delhi
CA Inter
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CCI
Pro
CAclubindia
