CA Abhishek Soni (Chartered Accountant) (62 Points)
26 September 2012I Had a query with reference to recording of import purchase. Whether the rate of exchange mentioned in the Bill of lading will be used as rate of exchange or the rates that are notified by RBI will be used . Also will it make any difference if we had made a part payment in advance & remaining after delivery of goods. I also want to just know whethet thenon refundable duty will be included in purchase or not(as something CVD charged is claimed back). Please clarify.
CA.Ankur Khandelwal
(Owner)
(281 Points)
Replied 26 September 2012
Rate which is mention in Bill of entry is to be use for recording purpose..............
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 26 September 2012
Exchange rate at the time of presenting bill of entry for home consumption is to be considered for valuation of import of goods. It will not make any difference whether U made part payment in advance and part payment after delivery of goods as the goods cleared for home consumpion is the only creteria for accounting of importation of goods.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
