My query, what to do with the consumption balance once the CT3 Certificate is valility is expired. for intance, i have CT3 Quantity of 10,000 kGS and consumed 9500 kgs. and ct3 balance expiry. what to do with the balance 500 kgs. pls exp. in detail. tks in advance

Does the company needs to pay money for Bond (say Rs. 50 L) under EXCISE when exporting? Where the Bond amount shown in b/s when paid.The company exports goods after issuance of CT1 mentioning the name of the manufacturer. What is the accounting treatment for duty drawback?

We are manufacturer of Plastic containers and we have 7 unit in Hyderabad we have imported the Machine for Unit 1 and Install the same. Now we are exporting the material form Unit 2 can we give the license referance number during Export from unit 2. Please advise..

Dear All,

We are capital machinery manufacturer and import major assemblies. While we export our machines, can we get refund of Custom duty paid at the time of import of assemblies?

If it is possible, please let me know the procedure of the same.

Dear Sir

A private company has obtained an IEC certificate in the FY 12-13. Are there any requirements with respect to filing of returns etc. If yes then can any one please let me know the procedure.

Thanks in advance.

DEAR EXPERTS.

I WOULD LIKE TO KNOW ON IMPORTED GOODS, CAN THE IMPORTER INCREASE OR DECREASE MRP. LMPC RULE ALLOW DECREASE IN MRP AND PROCESS ALSO GIVEN IN THE RULE,,,, BUT WHAT ABOUT INCREASE???

SEEK INFO FROM EXPERTS URGENLTY WITH SUPPORTING RULE

Dear Authority,
I am prop. of an Engineering firm at Bhilai Chattisgarh. I have got export order for supply of some engineering equipments. i am a non excise firm and not registered with District industries Centre, can I get registration from IEC without getting registered at DIC and Excise dept and export the material.

Sir,
I am planning to import some of the upvprofile scrap from UK and CHINA it contains plastic doors and windows some rubber is attached on the doors and some iron rods are inside the doors and windows. What is what all things i need to do to get a clear delivery from both the countries. As its my first time in dealing international, so i am a bit scared, so kindly help me with this sir.

Best Regards
Vaibhav

Dear Sir,

we are the regular importers of the membrane. we are selling to the different parts of the country under CST 2% against form c.

Pls clarify that we can apply for the sad refund because we are paying only 2% which is less than 4% of sad.

Pls clarify that we are eligible or not.

dear all,

i would like to know what is the accounting entries fir SAD 4% refund?

1) In 4% SAD refund, It is clearly mentioned that it should not be pass on to the customer. It means Importer should not consider 4% SAD in the Import cost sheet & as well as Import Purchase account.The same amount should show as SAD receivable at the time of TR6 duty paid.)

2) within 12 months of Tr6 paid, we can file SAD refund. Before SAD refund it is cleared that SAD refund receivable should show at time of Tr6 paid.

3) If actual SAD refund received 90% it is based on sales & balance 10% SAD refund not received then same can be written off as Expense which is allowed.

Someone argued on the subject & informed against the subject as said below-

1) According to him that we can show SAD amount in the Import cost sheet and accordinlgy can show in Import Purchase account.

2) According to him, SAD refund receivable should show at the time actual refund application only ( It means current year SAD refund would be shown in next year as refund application would be applied in between 11 to 12 months)

Entry
Debit SAD refund receivable A/c & Credit Purchase rebate,claim & discount a/c under Purchase group.


I have mentioned that his system is incorrect-

1) We are breaking laws as SAD refund amount should not be pass on to the customer so it should not be Included in the Import cost.
2) Inventory chart will not tally ( Inventory & Ledger & It will require reco at the year end.)
3) Vat & Cst reutrn to be revised as Net shell of Purchase would be changed.
4) If receivable not shown at the time Tr6 duty paid then it would be disallowed to get refund.

please inform me the correct tally entries