Dear Sir,
What is the procedure to revalidate/renew the DEPB license..
Is there any specific format for the application??

MY UNCLE WHO IS NRI AND BASED IN LONDON WANTS TO INVEST 20% OF THE EQUITY OF PRIVATE LTD COMPANY WHO IS ENGAGED IN REAL ESTATE BUSINESS OF DEVELOPING RESIDENTIAL FLATS IN SOUTH DELHI. IS THERE ANY RESTRICTION UNDER FEMA OR AS PER RBI RULES

experts,

please inform about the fms scheme???(%) on fob etc??

We have availed Advance Licence for RAW COTTON import for the year 2004 (duty saved value is Rs.49,80,534/=) and unfortunately we have not fulfilled the Export Obligation for the same.

Hence we have paid the duty value of Rs.49,80,534/- after several notices received from DGFT (by way of Demand Draft to the Customs in the year 2007 & 2008) and still the case has not finalised and DGFT request us to pay interest of Rs. 24,92,293/- (interest charges from the import date & duty paid date).

Now we have started the yarn exports again and we are willing fulfill the Export obligation against these Licences. Hence please clairfy us,


- Is it possible to get licence Obligation period extension from DGFT (ie. upto 84 months with certain penalty)

- Such case, shall we eligible to reclaim the Duty amount paid to the Customs against this case (If yes, we may eligible to waive the duty interest)

We made export document in INR but realize the same in USD

Example Invoice value is 100000 INR
Party transfered 2193 USD @ 45.6 = 100000 INR
We got in our Account USD 2168 (as 2193 - 25 bank charges)

But while transfering it from EEFC Account we got
USD 2168 @ 45.1 Due to Rate fluctuation
i.e 97777 (Loss of 100000 - 97777 = 2223)


My Query is
1 how can we show loss of 2223 INR in BRC
2 we have exported under DEPB shipping Bill, what to be done in that case

Our buyer is giving us advance payment. Our cs suggested that after getting the payment we can send the documents directly. I sent an email to our bank for confirming it but the bank has not responded.

reason ???

if a NRI purchased a car in Kanada for US$500000 before 6 months. Now he want to bring it into India. Would he liable to pay import duty under custom law and on which value?

Hello,
Mr.Ramesh Kumar Verma,
How are you?
I recently started my Export Import Business, & I want to target Chinese market and my main focus is on USB Flash Drive but when I checked with a professional who is Expert in Export Import field, He said there is 17% custom + Ware house Charges + Airline Charges(even if it is free shipping) and his fee of custom clearance, I am quite surprised when I calculated everything, its almost double amount of the product.
Can you please help me in this matter & one more thing, can you tell me where can I get a free copy of customs Export Import duty tariff.

Is the free storage period at Custom port till clearance 5 days..or is this period reduced..?

We are engaged in EPC contract of Solar Projects. Activities Include Detailed Project Reports (DPRs), provide consultancy services to clients for setting up of Grid Interactive Solar Power Plants till the Final Taking Over of the project.

For the Above project we need to procure Materials from different part of the country and in some cases need to import them and then to Install them at project site. We are also makes arrangements for freight and insurance during construction.

We have offices in Gujarat, Karnataka & Haryana. Now we have taken up EPC contract at Haryana.
The EPC contract covers the following services to be completed :
• Procurement from one party and supplying to Contractee (This procurement is done interstate and also within Himachal)
• Also procurement of Batteries(or some other part) can be done from Spain and supplied to the Party (Cotractee), Himachal.
• Provide designing, engineering and construction services
• Sub contract the EPC by dividing the whole project into different parts
• Provide insurance of the workmen/material/project against any injury and/or damage and/or theft of material that may be caused.
• Provide operation & maintenance services for 10 years.

For providing the above functions we faces following issues related to taxes:
• Which are the Taxes Applicable [ VAT, CST, Customs, Service Tax , any other if any.]
• How can we manage to pay lower taxes in case of interstate /within state of purchase ? [How can we save taxes]
• If the material are imported, can we pass on the custom duty ? Can we claim Credit of it ?
• Of the total contract value 80% material & 20% service part which method is much better for both Service tax as well as for VAT ? [Composition or other]
• What kind of permissions are to be taken if we provides EPC services outside India?

Regards,
Bhargav Vaghela
99134 34584