15 April 2022
Dear Sir, We have made import of Euro 914.14 as per bill of Entry Rate of Exchange Rs.86.90 and we have paid Rs.20177/- towards IGST.
EURO 914.14X86.90=Rs.79,439.00 Less: IGST Rs.20177.00 Net Party Name AC Rs.59,262.00 In Tally Purchase-Import (GST 18%) Ac DR.59,262.00 IGST 18% Input AC DR.20,177.00 To, Exporter AC CR.79,439.00 Please advice, is this entry is correct?
15 April 2022
Purchase A/c Dr. Rs. 59262.00 To Supplier(Outside Country) Cr. Rs. 59262.00
IGST A/c Dr. Rs. 20177.00 To Bank or Custom House Agent A/c Cr. Rs. 20177.00 (IGST is not to eb paid to the supplier, he will not charge any GST in his invoice because he is outside India. IGST to be paid at the time of clearance)
CAclubindia
