Import purchase
This query is : Resolved
04 November 2009
Hi
I have one query regarding import of goods.
When we import gooods which amount should be considered as purchase amount
1) Assessable value as per Bill of Entry
2) Invoice value of supplier
If we consider Assessable value as basic purchase amount then calculation of excise duty and other taxes becomes easy, but while making the payment to supplier we cannot consider assessable value we have to consider Invoice value of supplier.
Kindly clarify which value will be considered as basic purchase price.
If assessable value has been considered as basic purchase price and tax calculated (VAT/CST) on that amount is it the correct method or this has to be rectified?
What entries should be passed inorder to reflect invoice value of supplier as purchase amount?
Kindly clarify at the earliest since this clarification is required ASAP.
Thanks
I have one query regarding import of goods.
When we import gooods which amount should be considered as purchase amount
1) Assessable value as per Bill of Entry
2) Invoice value of supplier
If we consider Assessable value as basic purchase amount then calculation of excise duty and other taxes becomes easy, but while making the payment to supplier we cannot consider assessable value we have to consider Invoice value of supplier.
Kindly clarify which value will be considered as basic purchase price.
If assessable value has been considered as basic purchase price and tax calculated (VAT/CST) on that amount is it the correct method or this has to be rectified?
What entries should be passed inorder to reflect invoice value of supplier as purchase amount?
Kindly clarify at the earliest since this clarification is required ASAP.
Thanks
04 November 2009
Import is to be accounted on the invoice value. When payment is made, difference,if any, between amount booked and paid may be booked in exchange difference account.
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