High Seas Purchase/Import
This query is : Resolved
06 May 2009
dear sir,
we are an excisable mfg. unit. we want to import one of our main raw material from a party who does the business of import / export in india-but he has no regn. with excise, being a trader.By using this imported raw material, we will manufacture and sell our final products locally (within india). Now this party will (Buyer) will import the goods. Foreign exporter, in his invoice, will show his name as Buyer and our name as Consignee.We have all necessary regn etc. We will pay the duties & excise etc. and will receive the goods in our factory. Now, (a) Can we take cenvat credit of import duty / CVD / ADI / Excise etc paid by us ? and (b) if yes, can we utilise it to clear our finished goods locally ?
we are an excisable mfg. unit. we want to import one of our main raw material from a party who does the business of import / export in india-but he has no regn. with excise, being a trader.By using this imported raw material, we will manufacture and sell our final products locally (within india). Now this party will (Buyer) will import the goods. Foreign exporter, in his invoice, will show his name as Buyer and our name as Consignee.We have all necessary regn etc. We will pay the duties & excise etc. and will receive the goods in our factory. Now, (a) Can we take cenvat credit of import duty / CVD / ADI / Excise etc paid by us ? and (b) if yes, can we utilise it to clear our finished goods locally ?
07 May 2009
Yes. You will buy the goods on high sea. thereafter you will clear the goods by filing bill of entry. You are eligible for credit.
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 on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Multiple trade mark
- When TDS on GST applied
- E-Invoice applicability for new Startup
- Filing of MSME 1 form by companies
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
