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.
Message likes :
1 times
CA.Vijay Shetty
(Querist)
02 July 2008
Thanks for your timely reply...thanks a lot
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
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Closer of business and itc of capital goods
- RCM and same line
- ARCA LOGIN
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
