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REVERSE CHARGE
Does advance payment to FOREIGN supplier for import of goods, liable to IGST under RCM ?
Replies (6)
Yes.............
But at the time of import again IGST will be charged in Bill of Entry....implies double taxation ? Plz clarify...
Get refund..........
Tax on advance will be adjusted with final invoice
You can adjust your other sales liability. If no more liability you can get Refund.
Provisio to Section 5 of IGST Act, says tax on goods imported into india shall be LEVIED AT THE POINT when duties of customs are levied i.e. when the goods crossed the custom area.
So before tax is levied how come it can be paid because at the time of payment of advance goods have not crossed the custom area ?
Please correct me if i am wrong .
So before tax is levied how come it can be paid because at the time of payment of advance goods have not crossed the custom area ?
Please correct me if i am wrong .
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