Import duty in Tally
This query is : Resolved
21 September 2009
Hi,
I have a query relating to import duty of goods.
At the time of import of goods we have to pay customs duty (i.e. non-refundable) and excise duty (can be passed on to customer) i.e in this case we have to pay import duty (i.e. Custom duty and excise duty) for clearance of goods.
My query is how to treat this import duty in Tally because while entering purchase details the total cost will be taken into consideration i.e. custom duty will be added to the cost of the item and freight etc and excise duty can be passed on to the customer.
What will be accounting head for this import duty and will be classified under which kind of expenses whether Direct expenses or Indirect expenses or under Purchase A/c
Kindly reply at the earliest.
I have a query relating to import duty of goods.
At the time of import of goods we have to pay customs duty (i.e. non-refundable) and excise duty (can be passed on to customer) i.e in this case we have to pay import duty (i.e. Custom duty and excise duty) for clearance of goods.
My query is how to treat this import duty in Tally because while entering purchase details the total cost will be taken into consideration i.e. custom duty will be added to the cost of the item and freight etc and excise duty can be passed on to the customer.
What will be accounting head for this import duty and will be classified under which kind of expenses whether Direct expenses or Indirect expenses or under Purchase A/c
Kindly reply at the earliest.
03 October 2009
The amount which is not tobe passed on is the cost of materials - added to purchases
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