imported goods in respect to 100% E.O.U

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2011 when goods are imported, when we will take into accounts? whether at the time of goods received or at the time of rewarehousing certificate issued and what conversion rate to be taken?

CS Bijoy

CS Bijoy (Expert)
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04 June 2011 According to me if goods are sold at the time of received it will taken the rate at the time of received if it will be sold after warehousing than the rate at the time of sale from the warehouse will be taken.

Vivek Mehta (CA, DISA,CS, MBA)

Vivek Mehta (CA, DISA,CS, MBA) (Expert)
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04 June 2011 Goods will be taken into account as and when title along with the risk is transfered to the EOU's name and the rate will be the rate prevailant on that date... refer the case of Dr. Asthwa (Karntaka High Court)