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Accounting treatment of Basic Custom Duty

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(Querist)
10 January 2025 what will be the adjustment of Custom Duty Paid against import of fixed Assets or Recenue nature expenses.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 January 2025 When importing fixed assets, the customs duty paid can be capitalized as part of the asset's cost.
For expenses classified as revenue, such as consumables or services, the customs duty paid is generally treated as an expense in the profit and loss account for that period. However, since BCD and social welfare surcharge are not available as credit under GST, they become a cost to the business.
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