custom duty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 April 2010
we are importing the goods and sale such goods India. One of our client in india told us not to include custome duty in purchase cost receive duty back from custom department and charge vat on net cost plus profit.
For ex we charge vat on Rs 125 (100(cost)+10 (custom duty)+15(profit))
as per client Rs 115 (100(cost)+15(profit)) and receive Rs 10 from custome deptment.
Which tratment is right?
For ex we charge vat on Rs 125 (100(cost)+10 (custom duty)+15(profit))
as per client Rs 115 (100(cost)+15(profit)) and receive Rs 10 from custome deptment.
Which tratment is right?
U S Sharma
(Expert)
19 May 2011
your client fooled you, customs duty is not refundable
only SAD is refundable which is negligible amount, and thats also refundable if we sell the goods on paying VAT in cash.
only SAD is refundable which is negligible amount, and thats also refundable if we sell the goods on paying VAT in cash.
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