Fema

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2015 If some equipment is bought by my US parent company and they are shipped to India and we don't want to pay.

Is it possible and if yes then what should be done at the time of custom duty payment and how is should be shown in our accounts?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 April 2015 Yes it is possible, for payment of customs duty invoice is required. In the accounts debit equipment a/c and credit your US parent company.

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2015 I cannot credit my US company as the it is invoiced to US company and they are paying it.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 April 2015 If it is invoiced to US company it can't be imported to India. Valid invoice is required for customs clearance.

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2015 I have such import in my company where invoiced to US and shipped to India.

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2015 Now I want to receive some goods which is purchased by my parent company from third party but shipped directly to me.

Is that possible, if yes want booking i should do for showing this in my accounts

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 April 2015 I think this is not possible.

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2015 Let see what other expert say on it

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