The rate of stamp duty is given in Entry no. 13 of Schedule 1 to the Indian Stamp Act, 1899. It is too detailed to give in the limited space available here. In case of bills of exchange drawn on the importer, stamp duty is payable for usance period beyond 90 days. It is not payable on bills of exchange with usance period of up to 90 days. Under a letter of credit, the bill of exchange is drawn on the issuing bank and not on the importer. Stamp duty on bills of exchange drawn on banks is not payable <i>vide<p> Central Government Order S.O. 1892, dated August 1, 1999.
Q. Kindly advise whether we can get the specific party-wise or sector-wise Import Export Code (IEC) issued by the DGFT or one of its Zonal Offices in India. Or can we get this information under the RTI Act? Is there any way to get this information?
I don’t think the details are available in the public domain. So, you may file an application under the RTI Act.
Q. My understanding is that the declaration on shipping bill under Regulation 3 and undertaking to repatriate export proceeds under Regulation 9 of Foreign Exchange Management (Export of Goods & Services) Regulations, 2015, can only be made by an exporter who has received an export order from abroad in his name. The only exception is Regulation 11 regarding transfer of documents. Please opine and advise.
It may be noted that Regulation 3 requires the exporter to make the declaration. There is no mention about orders. Regulation 9 deals with the period within which the export value of goods/software/services is to be realised. Regulation 11 allows authorised dealers to accept, for negotiation or collection, shipping documents -- including invoice and bill of exchange covering exports -- from his constituent (not being a person who has signed the declaration in terms of Regulation 3).
Q. Can we take input tax credit for items like air conditioners and all other office equipment for office use and basically for business purposes?
Yes. As per Section 16 (1) of the CGST Act, 2017, “every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person”. Please also take note of Section 16 (2) to Section 16 (4) of the CGST Act, 2017 regarding certain disciplines for taking the input tax credit and Section 17 of the CGST Act, 2017 that deals with the restrictions on taking credit, apportionment of credit and blocked credits.
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