Advance received from customers in forex and refunded
This query is : Resolved
CA Pramod Jain
(Querist)
12 June 2014
Company has during the year received 20lac $ as advance against supply of material and refunded the same 20Lac $ during the year due to cancellation of order.exchange fluctuation cost has been reimbursed by customer.
My question whether to show this in notes of account as forex inflow outflow.
My question whether to show this in notes of account as forex inflow outflow.
PRADEEP KUMAR VATS
(Expert)
14 June 2014
Hi pramod
I my opinion , you are not required to show the same.
Because Para 5(Viii) of part II of revised schedule VI says :
Value of Imports on CIF basis should be disclosed in respect of raw material ,spare & Component & capital goods.
It covers some issue like,
- Buying commission will be included(Para 9.13 of ICAI statement)
- Interest will be excluded(Para 9.15 of ICAI statement)
- Goods in transit will be considered
- Composite bill of material to be delivered in installment.
Apart from supra , I have not read other things so in my opinion No need to show the same.
Regards
Pradeep Kumar
I my opinion , you are not required to show the same.
Because Para 5(Viii) of part II of revised schedule VI says :
Value of Imports on CIF basis should be disclosed in respect of raw material ,spare & Component & capital goods.
It covers some issue like,
- Buying commission will be included(Para 9.13 of ICAI statement)
- Interest will be excluded(Para 9.15 of ICAI statement)
- Goods in transit will be considered
- Composite bill of material to be delivered in installment.
Apart from supra , I have not read other things so in my opinion No need to show the same.
Regards
Pradeep Kumar
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