VAT on soft toys selling

Hi

GST will be applicable on such sale of soft toys.

For answering in detail, let us know the following

1. What would be your expected turnover

2. Will you be selling online

3. If offline, will it be a retail sale or you will be selling to otherhe dealers

Now in India Vat replaced by GST

thus now gst applicable and you have to appoint a person india and registered your self in India

While import of toys from Sri Lanka

IGST is paid and after that on sale of toys GST(IGST / CGST +SGST) levied and igst paid on import is adjustable against sale

You have to take GST registration.

The rate if GST shall be 12%.

IGST shall be paid at the time of sales.

Also, IGST has to be paid when you transfer the goods to your agents. Later, on sale, credit of such IGST paid can be claimed.

Yes you claim input of gst paid at time of import

As on now below taxes are applicable

On import

Custom duty and GST

on sales

GST

In addition to the GST, you shall be liable to pay custom duties as applicable at the time of imports into India.

Hello,

GST shall be applicable to your company. You will also be required to deduct TDS on the amount of commission paid by you to your agents.

Is your company registered in India too.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

HI,

I assume that you are not registered in India but for GST purposes you will have to appoint an agent in India to take care of your GST liability and discharge it to the Government. TDS will also be applicable if you are registered in India.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B