Dear Experts,
kindly guide, we had purchase raw material against C form ( for the year 2012-13) and issued the C form regarding it. but now days we discuss with supplier that, we will return your material and you will export it to our other company (USA). So, anyone can guide me regarding all aspects. (taxation and accounting)
Rgd
Vikram
Company Plans to Return Raw Materials for Export, Seeks Guidance on Tax and Accounting Implications Under C Form Rules. A company purchased raw materials using a C form for the fiscal year 2012-13 and now plans to return the materials to the supplier for export to its U.S. branch. The company seeks guidance on the taxation and accounting implications of this transaction. An expert advises that the materials must be sold using a C form, as there are no legal restrictions on exporting them afterward. Another concern is raised about the lack of a trading sale license, but it is clarified that having VAT/CST registration allows for interstate transactions using a C form. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
