TaxTMI 
TaxTMI 
TaxTMI 
Payment of Tooling Amortisaton to Foreign Supplier
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....ayment of Tooling Amortisaton to Foreign Supplier<br> Query (Issue) Started By: - Pradeep Jain Dated:- 13-2-2013 Last Reply Date:- 15-2-2013 Central Excise<br>Got 1 Reply<br>Central Excise<br>Dear Sir....
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...., We want to import the automobile components for overseas supplier. In this connection toolings has been developed by the said suppliers. Our components would be produced from these tools. Now we ne....
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....ed to pay the value of tooling to the overseas supplier. As there would be no physical movement of Tools from country to another. What procedure to be followed to comple the Excise , Customs and FEMA....
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.... formalities. Regards Pradeep Jain Reply By Pradeep Khatri: The Reply: You may get a certificate from your supplier (who has developed tool for you for manufacturing of components as per your spec....
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....ification) that this tool is your property and is being used for manufacturing of components as per your specification and need. This tool will not be used by the supplier of components for manufactur....
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....ing of components of any other party except for your company. On the basis of such certificate you may remit the foreign exchange to your supplier. At the time of importation of component into India....
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.... you would have to share the information of the foreign remittance to the customs authorities for it's inclusion in the assessable value as amortization cost for calculation of Customs duties includin....
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....g CVD.<br> Discussion Forum - Knowledge Sharing ....