Exchg Rate in case of imports of raw materials for acounting
This query is : Resolved
Gourishankar Dalal
(Querist)
09 December 2008
When goods are imported value of goods is ascertained as per the exchange rate as specified in the Bill Of Entry document for the computation of customs duty. But at the time of accounting for such inventory which exchange rate shall be taken - exchg rate based on the RBI reference rate on the date on which bill of entry was filed or the exchg rate as specified in the Bill of Entry document. Please give supportings (case laws/ acts) in regard your answers.
Rajesh Kumar
(Expert)
01 February 2009
The exchange rate declared by customs, and applied by custom is for purposes for calculation of custom duty. For accounting principles the rate at which remittance has been made (RBI rate) is relevant.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
