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?
CAclubindia
