Entry IMPORT

This query is : Resolved

RAKESH (Querist)
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22 July 2021 Dear Sir ,

We have imported the goods by making the advance payment to the party , and custom duty also paid for the custom clearance . how to pass the journal entry with head wise .

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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22 July 2021 Purchase of goods:
Purchase A/c
To Supplier A/c

Payment of duty:
Customs Duty A/c Dr
IGST ITC A/c Dr
To Bank (or Customs duty payable) A/c

Customs clearance:
Customs clearance charges A/c Dr
CGST/SGST ITC A/c Dr
To Service provider A/c

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