Import

This query is : Resolved

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

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