N.SRIDHAR (Senior executive- Import&Export) (49 Points)
21 December 2015Dear Sir,
We are planning to Import Raw material (Refractory Cement) from our overseas plants at Vizag port. and customs clear the shipment paying all customs duties, Store the materail in Warehouse. And sell the material to local buyers in INR (Rupees). here Importer / overseas seller are related companies.
Please advise above is eligible as per Indian customs , what are the statutory permissions/license required..
We dont have any manufacturing plant in India
Shrikant Rathi
(Practicing Chartered Accountant)
(31 Points)
Replied 21 December 2015
As you are importing from related party, you need to register with the Special Valuation Branch of the Customs and get your valuation certified in form of a SVB order. You would be required to submit relevant documentation to prove that your relationship with the supplier has not influnced the price of the imported goods. There are 5 Special Valuation cells in India - Mumbai, Delhi, Bangalore, Chennai and Kolkata. Depending upon the location of your Head Office or Corporate Office, your file will be forwarded to the nearest SVB cell.
CAclubindia
