Calculation of custom duty and igst on import purchase
This query is : Resolved
23 September 2017
Dear sir
Please provide details of calculation of Custom duty on Import purchase and export from outside of india under GST regime now (what is procedure ?)
Please provide details of calculation of Custom duty on Import purchase and export from outside of india under GST regime now (what is procedure ?)
anshul aggarwal
(Expert)
23 September 2017
Sir, please be more specific on your query what exactly are you looking for.
25 June 2018
Anshul Aggarwal
I want to put a journal entry for presentation of Igst on Import purchase. Give your suggestion about step of entry and where I am mistake .
STEP-1
Import purchase 48828.84
IGST 8,789.00 57617.84 DR
PARTY 44,481.14 cr
CUSTOM DUTY PAYABLE 65.29
IGST PAYABLE 8789
Freight ,Insurance and Landing charges payable 4282.42
57617.84 57617.85
STEP-2
CUSTOMDUTY PAYABLE 65.29
IGST PAYABLE 8789
Freight ,Insurance and Landing charges payable 4282.42 DR
13136.71
13136.71
TO ForWARDS 13136.71
Actually I imported some goods from China having 684.32$ X65.00 . Insurance 1.125% , frieght=980 and Assessable value of Import purchase is 48828.84 , Customduty is 65.82 as per Bill of entry. igst payable is 8789.00 which are paid by forwarder . i made above journal entry . tell my where are i worng
I want to put a journal entry for presentation of Igst on Import purchase. Give your suggestion about step of entry and where I am mistake .
STEP-1
Import purchase 48828.84
IGST 8,789.00 57617.84 DR
PARTY 44,481.14 cr
CUSTOM DUTY PAYABLE 65.29
IGST PAYABLE 8789
Freight ,Insurance and Landing charges payable 4282.42
57617.84 57617.85
STEP-2
CUSTOMDUTY PAYABLE 65.29
IGST PAYABLE 8789
Freight ,Insurance and Landing charges payable 4282.42 DR
13136.71
13136.71
TO ForWARDS 13136.71
Actually I imported some goods from China having 684.32$ X65.00 . Insurance 1.125% , frieght=980 and Assessable value of Import purchase is 48828.84 , Customduty is 65.82 as per Bill of entry. igst payable is 8789.00 which are paid by forwarder . i made above journal entry . tell my where are i worng
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