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Querist : Anonymous

Querist : Anonymous (Querist)

31 December 2010 Hi,
A concern have IEC Code and sales tax & VAT No. and is working now as garment exporter. They wants to start import plywood from China, can it possible by same IEC and Sales Tax & Vat No. ?
what is the rate of sales Tax & VAT on import and sale in Delhi?
Please suggest me terms, conditions & procedure for import of plywood from China.

Please reply urgently, Thanks.

Nitin

Nitin (Expert)

31 December 2010 Yes for IEC code there will be no problem but of course if your is a pvt ltd/public ltd company ,Memorandum /AOA should not restrict/allow for doing activity for which u intend to enter. For sales tax also although previously (before VAT regime) it was mandatory to add any item /give list of items you want to sale ,but after VAT regime now it is not mandatory you can sell any item .(but here again if u wish to do Central Sale it is better to give intimation reg your new product as while getting forms (C/F etc it become easy) As far as T & C for import is concerned it will depend purely on the commercial transaction that is being entered between you & your supplier ,You can make advance payment /you can make payment after getting the material or after a specified period all depends upon your business transaction/agreement between u & your supplier .Can use the services of some CHA who can clear material for you from customs .

Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2011 Thank you sir, whether Form No. 15CA & 15CB is mandatory for all outward remittance or not ?

Nitin

Nitin (Expert)

01 January 2011 Although there is much discussion on this before also on the same subject & different opinion have been made by our experts ,but most of the bank is not insisting on such payment made in the normal course of business i.e. of buying /selling ,as otherwise also TDS is not applicable in normal buying/ selling transactions .

Nitin

Nitin (Expert)

01 January 2011 Further pl note that in case you are making a advance payment donot forget to submit ECC of BOE to the bank once you receive it .

Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2011 Thank you sir,Wish you HAPPY NEW YEAR 2011.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

01 January 2011 AGREE WITH EXPERTS.

AFTER OPENED THE EEFC ACCOUNT EXPORTER HAVE REQUIRE SDF-OR GR IN RESPECT OF RECEIVING THE AMOUNT IN FC, SUBMIT IN THEIR BANK OR RBI.

REGARDS,

Message likes : 1 times

Nitin

Nitin (Expert)

01 January 2011 Wish you too a Happy & prosperous new year.

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