Import duty
This query is : Resolved
Jagadeeswaran N
(Querist)
30 October 2013
Dear Experts,
We would like to inform you that we import products from China and pay the import duty [Central Government].
While selling the goods locally, we are suppose to charge the vat @ 14.5% for every invoice.
We got to pay the entire 14.5% tax value to the government as sales tax[state Government].
My doubt here is, can we adjust the paid import duty towards the sales tax? or do we have to pay the import duty as well as sales tax?
Kindly give us your valuable suggestion on the above said matter in order to reduce the tax liability?
Regards
Jagadeesh
Email = jagadees@outlook.com
We would like to inform you that we import products from China and pay the import duty [Central Government].
While selling the goods locally, we are suppose to charge the vat @ 14.5% for every invoice.
We got to pay the entire 14.5% tax value to the government as sales tax[state Government].
My doubt here is, can we adjust the paid import duty towards the sales tax? or do we have to pay the import duty as well as sales tax?
Kindly give us your valuable suggestion on the above said matter in order to reduce the tax liability?
Regards
Jagadeesh
Email = jagadees@outlook.com
CA UMESH DULAL
(Expert)
04 November 2013
you have to pay import duty at the time of import and sale tax (VAT) at the time of sale of goods
you will not allowed to take credit of import duty paid on import
you will not allowed to take credit of import duty paid on import
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