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.
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