entry of import purchase

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rajeev khulbe (Querist)
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10 August 2010 what is the import purchase entry.supoose we purchase raw material from china rs.10 lakh.than what is the entry
import purchase a/c dr. 800000
custom duty a/s dr. 200000
to party 1000000

custom duty a/c group in duties & taxes
regards
rajiv

Ram Avtar Singh

Ram Avtar Singh (Expert)
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10 August 2010 Purchase Import DRxxxxxxx
Cenvat(Rg23a-part_tt) DRxxxxxx
Cess On Duty Drxxxxxxxx
Cess S& H Drxxxxxxx
Addl Duty Crxxxxxx

Party Crxxxxxxxxx
Custome Duty Cr xxxxxx
Seafreight Agency Crxxxxx
Container Cororation Cr xxxxxx
CHA Crxxxxxx

rajeev khulbe

rajeev khulbe (Querist)
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11 August 2010 sir why we are doing custom duty cr.while in purchase we are dr. the tax than sir what is the reason to cr. custom duty plz sir reply so soon
thanks

Ram Avtar Singh

Ram Avtar Singh (Expert)
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12 August 2010 Custome duty paid in advance with CVD, Cess, Custom duty & addl duty, so we credit custom duty to write off custome duty and all exps. will be cost of purchase.

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