VAT on imported items
This query is : Resolved
CA.Vijay Shetty
(Querist)
14 June 2008
my friend, an NRI, wants to setup a trading business in india.goods( consumable goods) are imported and sold in india.My queries are
i)whether he is liable to pay VAT on imported items
ii) is he liable to collect VAT on subsequent sale in India, if yes, what is the percentage of VAT.
iii).whether he is eligible to get VAT input credit
i)whether he is liable to pay VAT on imported items
ii) is he liable to collect VAT on subsequent sale in India, if yes, what is the percentage of VAT.
iii).whether he is eligible to get VAT input credit
Sanjeev Kumar
(Expert)
02 July 2008
1.YES, doesn't matter whether goods are imported or otherwise
2. YES, that would be as prescribed rate under VAT schedules i.e. itemwise
3. as you are saying goods would be imported i.e. not VAT paid, so question of ITC doesn't arisen. but he purchase VAT paid goods and subsequently sold then entitled for ITC.
2. YES, that would be as prescribed rate under VAT schedules i.e. itemwise
3. as you are saying goods would be imported i.e. not VAT paid, so question of ITC doesn't arisen. but he purchase VAT paid goods and subsequently sold then entitled for ITC.
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CA.Vijay Shetty
(Querist)
02 July 2008
Thanks for your timely reply...thanks a lot
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