Valuation of material for duty purpose
This query is : Resolved
04 June 2012
Dear Experts
We had imported materil in the month of April 2012 from japan of Value JPY 124960/- but advance paid to our supplier JPY 164960/- (JPY 124960 material cost + JPY 40000/- of Special Packaging of the material). Now our supplier had not mentioned the Special Packaging Cost i.e. we have invoice of JPY 124960 as well as Exchange Control of Copy. So duty is not paid on JPY 40000/-
So now what steps we need taken to rectify the error.
BHoop Singh
We had imported materil in the month of April 2012 from japan of Value JPY 124960/- but advance paid to our supplier JPY 164960/- (JPY 124960 material cost + JPY 40000/- of Special Packaging of the material). Now our supplier had not mentioned the Special Packaging Cost i.e. we have invoice of JPY 124960 as well as Exchange Control of Copy. So duty is not paid on JPY 40000/-
So now what steps we need taken to rectify the error.
BHoop Singh
05 June 2012
ask them in communication this is part of import export sales contract.
regards,
regards,
07 June 2012
Generaly duty calculated on CIF .
kindly provide the cif value so that i post reply.
kindly provide the cif value so that i post reply.
07 June 2012
Dear Mr. Verma
Thanks for your reply.
The Details are as below:-
We paid JPY 164960/- on behalf of Proforma Invoice provided by our supplier. (JPY 124960 of Material Cost+JPY 40000/- of Packing charges)
When material send by supplier with original invoice they send invoice of JPY 124960/- withount mentioning packing charges and we paid duty on JPY 124960/-.
For CIF purpose you can add 21.125% to the materail cost. So we did not pay duty on packing charges.
now my query is how can we pay the rest duty.
please advice.
Thanks for your reply.
The Details are as below:-
We paid JPY 164960/- on behalf of Proforma Invoice provided by our supplier. (JPY 124960 of Material Cost+JPY 40000/- of Packing charges)
When material send by supplier with original invoice they send invoice of JPY 124960/- withount mentioning packing charges and we paid duty on JPY 124960/-.
For CIF purpose you can add 21.125% to the materail cost. So we did not pay duty on packing charges.
now my query is how can we pay the rest duty.
please advice.
11 June 2012
please find enclosed herewith the below mentioned link for checking the duty:
https://www.cybex.in/indian-custom-duty/Horses-Duty-Calculator-01011010.aspx
https://www.cybex.in/indian-custom-duty/Horses-Duty-Calculator-01011010.aspx
11 June 2012
please find enclosed herewith the below mentioned link for checking the duty:
https://www.cybex.in/indian-custom-duty/Horses-Duty-Calculator-01011010.aspx
https://www.cybex.in/indian-custom-duty/Horses-Duty-Calculator-01011010.aspx
11 June 2012
Dear Mr. Ramesh
Many thanks for your response.
But my query is about assessable value is it JPY 164960 or JPY 124960 ?
Many thanks for your response.
But my query is about assessable value is it JPY 164960 or JPY 124960 ?
12 June 2012
Packing material is used for packing of finished good mfg by seller is also lible to duty.
regards,
regards,
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
