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Payments to Importer
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....ayments to Importer<br> Query (Issue) Started By: - ARUN KARWA Dated:- 26-11-2019 Last Reply Date:- 21-5-2020 FEMA<br>Got 1 Reply<br>FEMA<br>Sir, my query is with regard to import payments made to the....
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.... foreign party nett of discount / credit notes. To be precise, say the Invoice is raised for ₹ 100 and the said amount is declared in Bill of Entry and accordingly custom duty, GST etc. is paid ....
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....at the time of actual imports. Now, subsequently, we receive credit note on the said invoice from the foreign supplier which amounts to approx. 9% of the invoice amount as we make imports on frequen....
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....t and regular basis during the year. We adjust 9% of the credit note at the time of import payments. However, our Banker says that as per RBI guidelines we can not adjust more than 5% or else it shoul....
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....d be mentioned in the Bill of Entry. However as we resale the imports on High seas basis, it is not feasible to mention the same on Bill of Entry as we do not want our customer to know the credit note....
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....s received by us. Kindly opine in terms of the related RBI guidelines, if any. Reply By YAGAY andSUN: The Reply: Please check the Master Direction as issued RBI on Import of Goods and Services. Li....
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....nk is provided below FED Master Direction No. 17/2016-17 Dated January 1, 2016<br> Discussion Forum - Knowledge Sharing ....