Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: VAT RATES :: list of goods taxed at 4%
 
 
« News Headlines »
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return

Customs laws in India provide for a refund of duty on imports
November, 28th 2008
We are a firm of consultants advising numerous Indian and international companies on infrastructure projects. We are currently paying service tax under the taxable service category of management or business consultants service. Recently, we have imported computers for use in provision of such services, on payment of applicable customs duty. Kindly advise on the availability of cenvat credit in respect of such duty. Customs duty applicable on import of goods into India consists of four components, basic customs duty (BCD), additional customs duty (ACD) in lieu of excise duty levied on similar products manufactured in India, education cess of customs, and special additional duty (SAD) in lieu of value added tax (VAT) levied on similar products sold in India. Cenvat credit of BCD and education cess of customs is not available under any circumstances. In case of manufacturers of excisable products, cenvat credit of ACD and SAD paid on imports can be availed and adjusted against the output excise duty liability. However, in the case of service providers, credit of SAD paid at the time of import of goods cannot be availed. In your case, cenvat credit of only the ACD (inclusive of education cess) paid on imports would be available, subject to fulfillment of the conditions prescribed under the cenvat credit rules. Such cenvat credit could be utilised to pay the output service tax liability. We are a company engaged in the manufacture of plastic products. Seven months ago, we had imported certain equipment from China in order to manufacture a specific product, and had paid customs duty. However, the equipment is not required now and we are exploring the possibility of re-exporting it. We have been informed that it is possible to claim a refund of the customs duty paid on imported goods, in case they are re-exported within a specified period. Kindly explain. The customs laws in India provide for a refund of customs duty paid on imported goods under the duty drawback scheme. Under this scheme, a specified percentage of the customs duty paid can be claimed as drawback at the time of re-export of the goods. The percentage of drawback that can be claimed ranges between 95% and 60%, and is determined on the basis of whether the goods have been used in India and the duration of use. In your case, since the equipment has been used in India for about seven months, you would be eligible...
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions