Import of goods implications

Your question is not specific. Procedure for what?

Procedure and Steps Involved in Import of Goods from USA.

Typical process is here (though not comprehensive):

1. Let me start with placing the PO
2. If advance payment is required to be made, then obtain pro forma invoice and make the payment through your bank
3. If the vendor has any tie up with any freight forwarder, then shipping from such freight forwarder is the best option as it is economical (otherwise you need to arrange it)
4. Arrange for insurance before the items are shipped (if needed)
5. Once shipment arrives customs in India, arrange for clearance by providing necessary documents to your CHA
6. Once the shipment is assessed, make payment of customs duty
7. After the clearance order from customs, the item would be delivered to you by your CHA probably.
8. If advance payment was not made, you need to make the payment to the vendor within 6 months (for capital goods 3 yrs)

Hope this is useful.

Thanks a lot for your information.

Can we adjust duties of imports against service tax payable,can you explain please.

Thanks a lot for your information.

Can we adjust duties of imports against service tax payable,can you explain please.

1. If you are a manufacturer, then CVD as well as special CVD can be claimed as credit. This can also be adjusted against service tax liability.
2. If you are a dealer, you can claim refund of specical CVD, provided you pay VAT on sale of such items
3. If you are only a service provider, no credit on account of CVD or special CVD can be claimed
4. Further, in any case, you cannot take credit of BCD

Thank you very much