One of my client is engaged in trading and warehousing of imported goods subject to custom duty. (CVD)
Now he wants to clear some of his old stock and wants to pass on same amount of duty as he has paid on import around 2 yrs before when rate of duty was higher. Now rate of duty has been significantly reduced so what rate of duty should the trader charge on its invoice whether at original rate or at current rate?
24 April 2009
If he is a registered dealer, he can pass on the duty actually paid at the time of import. Subsequent reduction in duty is irrelevant in passing on credit.
CAclubindia
