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Import Goods Cost Vs Customs Duty Value, Variance?

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(Querist)
20 February 2020 Sir,
Cost of Goods Import Rs.100000/- and paid as such amount to dealer but the customs duty Invoice value Rs.150000/- as pay duty of the value. The Variance of Rs.50000/-, How to account the variance entry? If vise versa?
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
21 May 2020 It has to be taken as a cost of goods in the books of accounts.
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