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Statutory dues

Statutory Audit 1055 views 1 replies

Dear All,

I am in a dliema and want to know whether the credit of VAT,Service Tax,CST etc are granted against the export of goods. If there are any conditions please do dpecify that..Please give your feedback..

Replies (1)

Where any inputs or input services are used in final products - which are cleared for export under bond (or) used in intermediate products cleared for export (or) used for providing output service which is exported.

Then the credit in respect of such inputs or input services so used by mfr or service provider shall be allowed twds payment of - duty of excise on final product (or) export duty and service tax n output service.

If no adjustment is possible you shall be allowed for refund subj to such safeguards, conditions and limitations specified by Central Govt.

And if you are availing any duty drawback under Customs Act or claiming rebate of duty under Central Excise, credit shall not be allowed.

VAT - VAT paid only on those goods (eligible purchases) used as RM, capital goods, packing material, consumable stores for mfg or packing of export goods.

Conditions - Should be regd as dealer, Purchased frm regd. dealer, should not be exempted sales, should receive all tax invoices irresp of payment.


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