set off vat agaist custom duty on import
This query is : Resolved
Nirav Vora
(Querist)
06 April 2009
Dear All,
One of my client is importing from china and hongkong, on which he has to pay custom duty in all 36 %. Further when he sold imported items in domestic market, he has to pay 12.5% VAT. Is there any set off available to against custom duty or vat.?
Pls give if is there any circular from custom department.
Thanks.
One of my client is importing from china and hongkong, on which he has to pay custom duty in all 36 %. Further when he sold imported items in domestic market, he has to pay 12.5% VAT. Is there any set off available to against custom duty or vat.?
Pls give if is there any circular from custom department.
Thanks.
C A GROUP COACHING
(Expert)
06 April 2009
No set off against VAT as customs dept does not charge any VAT. Regarding other S/off you can claim Excise Modvat against duty paid
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