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Interbank rate in case of import of goods

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This query is : Resolved

Pragati Sharma (Querist)

27 May 2020 I made import of goods from Thailand on 20.04.2020. The invoice was in dollars
The goods were cleared from customs on 25.04.2020.
Query:
1. Date of purchase in the books of account will be 20.04.2020 or 25.04.2020?
2. ITC will be taken on the basis of this date.
3. Currency rate as on 20.04.2020 or 25.04.2020 have to be taken for recording the puchase in books of accounts?

CA Sindhu KJ

CA Sindhu KJ (Expert)

27 May 2020 Hi,

1.Date of accounting will be the date the risks & rewards are passed by the exporter which is determined by export terms (Example : Exworks, FOB, CIF etc). This will be available in Bill of entry.

2. If terms says Cost Insurance freight (CIF) then date of accounting should be date when goods are reach destination port or agreed port as per export contract.

3. Practically entry is passed when all documents are received from CHA. However the date of the entry will still be as per terms (Back dated entry is passed in certain cases)

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