Duty calculation
This query is : Resolved
23 January 2012
DEAR SIR,
WE ARE IMPORTER OF HEAVY MELTING MILD STEEL SCRAP.WE HAVE BEEN IMPORTING HMS @350 $ PER TON(AS PER SUPPLIERS INVOICE)BUT THE CUSTOMS DUTY IS CALCULATED ON 490$ NOW WE NEED TO DOWN LOAD 8FA FROM SALES TAX SITE AND WANT TO SPECIFY THE VALUE ON 8FA.THEN HOW CAN WE CALCULATE THE VALUE.IF U ADVICE ME TO CALCULATE ON THE BASIS OF CUSTOMS VALUE(ON BILL OF ENTRY)THEN HOW CAN I TALLY THE SUPPLIERS LEDGER WITH OUR LEDGER.NOW SALES TAX AUTHORITY(CHECK POST)FORCING US TO CALCULATE ON THE BASIS OF BILL OF ENTRY VALUE ie.490+DUTY+FREIGHT. CAN ANYBODY GIVE THE CORRECT GUIDELINES.
WE ARE IMPORTER OF HEAVY MELTING MILD STEEL SCRAP.WE HAVE BEEN IMPORTING HMS @350 $ PER TON(AS PER SUPPLIERS INVOICE)BUT THE CUSTOMS DUTY IS CALCULATED ON 490$ NOW WE NEED TO DOWN LOAD 8FA FROM SALES TAX SITE AND WANT TO SPECIFY THE VALUE ON 8FA.THEN HOW CAN WE CALCULATE THE VALUE.IF U ADVICE ME TO CALCULATE ON THE BASIS OF CUSTOMS VALUE(ON BILL OF ENTRY)THEN HOW CAN I TALLY THE SUPPLIERS LEDGER WITH OUR LEDGER.NOW SALES TAX AUTHORITY(CHECK POST)FORCING US TO CALCULATE ON THE BASIS OF BILL OF ENTRY VALUE ie.490+DUTY+FREIGHT. CAN ANYBODY GIVE THE CORRECT GUIDELINES.
24 January 2012
READ LINK CAREFULLY, THEN AFTER PUT UP QUERY,
https://www.ieport.com/cus2001/Circulars/cir07.htm
https://www.eximguru.com/indian-customs-duty/default.aspx
https://www.ieport.com/cus2001/Circulars/cir07.htm
https://www.eximguru.com/indian-customs-duty/default.aspx
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Tds on commission charges
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Applicability of GST on Salary Reimbursement Component
- GST ITC REVERSE
- TDS on TRUST
- Regarding Applicability of Tax Audit u/s 44AB
- Consolidated financials
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- FAST-DS Scheme - Foreign Assets
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
01 September 2026
Articles
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
CCI
Pro
CAclubindia
