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Foreign purchase and sales

Shubham (student) (31 Points)

27 July 2015

we have made purchases from china and sold the same to london without importing the goods in india but the company making purchase/sales is registered in india. What would be the impact on import and export duty?? Also mention any legal regulations regarding this?

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CA Chandra Prakash (9873059766 Increasing knowledge through sharing) (296 Points)
Replied 28 July 2015

In the above situation no import duty shall be levied as import duty is levied on goods consumed in India i.e it is based on destination principle. For export duty I m not sure but according to me export duty wouldn't be levied as it levied on goods exported from India to a place outside india.