Held in customs - immediate help need from all.

726 views 4 replies

Raghavendra

CEO

30 Points Joined December 2013

Namaste all.

i started business from 5k. was checking online, paying through online bank transfer importing product from china, selling online or offline. its 3 year now. from 5lak raised to 1lak now.

2 months before i got vat after alot of troubles by govt officials.

now alot of questions are coming to mind to continue same business legally.

plz take 2 min read whole. understand my situation and help/suggest me.

till now i didnt had vat, cst, Iec. i was just buying online and getting them to india and selling them

all goods was values of less than 10,000rs only. imported 30 packages apporx from 2 year. package size would be till 20kg. package contains 100pcs mobile accessories. 1000pcs paper lanterns, like that. on the whole package doesnt value more than 10k.

i was getting by DHL fedex, no one asked me iec till now, i read somewhere in internet that. IEC only required when the value of consignment is more than 25000rs.

now my question is. that 25000rs is per consignment or for the whole year? i think i crossed it in this year. i have imported for approx 80,000rs (total)

i want to know clearly. without IEC allowed below 25k per transaction. or per person/company for a certain period?

2nd question is. i got vat. can i get without iec now and show that to sales tax? or even if its 1rupee import i need to buy through IEC?

Replies (4)

RAMESH KUMAR VERMA

CS PURSUING

43853 Points Joined December 2009

Mr Raghuvendra ji,

refer to para 2.8(a) of Hand Book Of Procedures vol-1(2009-2014) IEC CODE IS COMPULSORY FOR IMPORT /EXPORT .

PARA 2.8(IV) SPOKES THAT PERSON IMPORTING /EXPORTING GOODS MORETHAN CIF VALUE OF A SINGLE CONSIGNMENT FOR RS.25000/- IS MANDATORY.

FURTHER I WOULD LIKE TO INFORM YOU THAT IEC CODE NO IS NOT MANDATAORY DOCUMENTS FOR TAKING THE VAT CADE., ALTHOUGH THE RCMC IS MUST FOR FURTHER TAKING THE MORE DGFT INCENTIVE FOR YOU.

REGARDS,

Raghavendra

CEO

30 Points Joined December 2013

Originally posted by : RAMESH KUMAR VERMA
	Mr Raghuvendra ji, refer to para 2.8(a) of Hand Book Of Procedures vol-1(2009-2014) IEC CODE IS COMPULSORY FOR IMPORT /EXPORT . PARA 2.8(IV) SPOKES THAT PERSON IMPORTING /EXPORTING GOODS MORETHAN CIF VALUE OF A SINGLE CONSIGNMENT FOR RS.25000/- IS MANDATORY.

thanks for reply sir. here 2 question agian. sorry for asking again.

according to para2.8(IV) can get without IEC below 25 CIF value. but i want to know is this value treated per consignment or total value of import consigments in the specific period?

how ever mine is not more than 25k right. so i can continue getting it without IEC with my firm name? and sale them in india and show that sales to vat returns, sales tax?

RAMESH KUMAR VERMA

CS PURSUING

43853 Points Joined December 2009

according to para2.8(IV) can get without IEC below 25 CIF value. but i want to know is this value treated per consignment or total value of import consigments in the specific period? how ever mine is not more than 25k right. so i can continue getting it without IEC with my firm name? and sale them in india and show that sales to vat returns, sales tax?

REPLY:- PER CONSIGNMENT.

IF YOU WISH TO GAIN FISCAL INCENTIVE OF CBEC UNDER NOTIFICATION NO. 102/2007 DTD 14.09.2007 OF SAD REFUND , etc must registered your firm in VAT TOO.