Puchase cost of imported goods
This query is : Resolved
07 August 2013
dear sir,
Iam associate with trading and software manufacturing company in Cochin. We are conducting import and export business.Now we are facing a serious issue in relating to purchase cost of imported good.
we get advise from our chartered accountant that we have to take rate from RBI rate in respect of date of invoice generated .they also quoted that we are liable to pay as per invoice .
As par as sale tax officer opinion that purchase cost of imported good should be on the basis of bill of entry.
kindly advise
Thanks®ards
Binu
Iam associate with trading and software manufacturing company in Cochin. We are conducting import and export business.Now we are facing a serious issue in relating to purchase cost of imported good.
we get advise from our chartered accountant that we have to take rate from RBI rate in respect of date of invoice generated .they also quoted that we are liable to pay as per invoice .
As par as sale tax officer opinion that purchase cost of imported good should be on the basis of bill of entry.
kindly advise
Thanks®ards
Binu
CA Prashant Gupta
(Expert)
07 August 2013
in practical we take rate of bill of entry for purchase rate. while payment we check the rates for payment and booking of foreign exchange fluctuation.
according to me sales tax officer is right
according to me sales tax officer is right
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