High sea sales
This query is : Resolved
07 October 2013
we are importing goods under high sea sale agreement.
suppose,..goods purchased amount is 18 lakhs and sale amount is 30 lakhs..
1. Is there any provision under high sea sale provision that we have to disclose only 2% profit on sale amount.
2. PURCHASE AMOUNT MUST BE EQUAL TO SALE AMOUNT AND 2 % PROFIT SHOULD BE SHOWEN SEPARETELY ?
i.e. 18 lakh is purchased and sell amount ...and 2% profit (90000) should be shown separetely.
3. described me accounting.
suppose,..goods purchased amount is 18 lakhs and sale amount is 30 lakhs..
1. Is there any provision under high sea sale provision that we have to disclose only 2% profit on sale amount.
2. PURCHASE AMOUNT MUST BE EQUAL TO SALE AMOUNT AND 2 % PROFIT SHOULD BE SHOWEN SEPARETELY ?
i.e. 18 lakh is purchased and sell amount ...and 2% profit (90000) should be shown separetely.
3. described me accounting.
08 October 2013
the 2% is minimum profit to be added, you can add even higher profit.. you dont have to show profit separately..
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- GST ISSUE OF INPUT AND OUTPUT GST
- Salary from Qatar in Dollars in India
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
