Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Sale of imported goods after arriving at port

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2014 Can imported goods kept in ware house at the port of discharge be sold without attracting liability of Sale tax or Vat? if yes how?

Jyotindra Thakar

Jyotindra Thakar (Expert)
Follow

13 February 2014 If the cargo is lying in customs bonded werehouse (without payment of Duty) than the same can sold to any other person / company holding a valid IEC number based on "Transfer of Ownership" contract. By entering into such contract, cargo will be lying in the bonded werehouse but owner ship will be transferred from Seller to buyer. Than, buyer will have to file bill of entry in his name, pay applicable custom duties and release the cargo from bonded warehouse. No sales tax / vat will be applicable on such transection. You can take help of your CHA for this. They generally know about such transectioins.

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