Import licence

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
27 September 2015 VAT is liable at 5% on the intangible goods viz import licence as per schedule 5 to the Telangana VAT Act.What constitutes turnover of import licence in VAT Act.

28 September 2015 When certain goods manufactured in India are exported,the manufacturers/traders are permitted to import the raw materials required by them.This is the policy adopted by the Central govt in order to promote export of goods like silk fabrics,jewellery,etc.Such licences are called as REP(repleshment) licence.This is a special permit to import the restricted goods such as silk yarn,gold bullion etc,with reduced or nil export duty.If the exporting trader does not utilise such permits/licence,he can transfer it to some other person for a price.This sale of REP Licence,exim scrips is taxable in all states.....mjk

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
04 October 2015 Sir,
Indeed it is a good informative reply.Thank you very much.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro

Similar Resolved Queries


loading


Unanswered Queries



CCI Pro
Meet our CAclubindia PRO Members

Follow us
add to google news


Answer Query



Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details