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Value-Added Tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution. It is collected by businesses on behalf of the government and is ultimately borne by the end consumer. VAT is a common method of taxation in many countries, providing a significant source of revenue for governments.
A Virtual Account is a sub-account created within a main bank account, used to streamline and manage incoming payments. Each virtual account has a unique identifier, allowing businesses to track and reconcile payments more efficiently without needing multiple physical bank accounts. Virtual accounts simplify accounting, improve financial management, and enhance
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A Vostro Account is a local currency account maintained by a domestic bank on behalf of a foreign bank, allowing the foreign bank to conduct transactions and manage funds in the domestic currency. For instance, if the State Bank of India (SBI) has clients who frequently trade with U.S.
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A waybill is a document issued by a carrier that accompanies a shipment of goods and provides essential details about the shipment. It includes information such as the names of the shipper and consignee, the origin and destination of the goods, a description of the items, and the route. E-Way
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A Recourse Letter of Credit allows the financing bank to claim payment from the beneficiary if the applicant defaults, while a Without Recourse Letter of Credit does not. These terms define the risk assumption between the bank and the beneficiary in the event of non-payment. For example, if Company A
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The Zero Duty Export Promotion Capital Goods (EPCG) Scheme allows Indian exporters to import capital goods at zero customs duty, provided they commit to export an amount equivalent to 6 times the duties, taxes, and cess saved on capital goods, to be fulfilled within 6 years from availing of the
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An Advance Customs Manifest (ACM) is a document submitted to customs authorities before a shipment arrives at the port of entry. It includes detailed information about the cargo, shipper, consignee, and transportation route and allows customs to pre-screen shipments, ensuring compliance. The Advance Customs Manifest must be submitted at least
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