Import duty
This query is : Resolved
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
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
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Dep. as per companies act
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- CHECK RELATED
- UDIN ISSUE
- Change Of Karta In Case of Death
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- 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
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
CAclubindia
