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
07 August 2013
As per customs act it should be valued as per Bills of entry basis.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 not processed filed 11/8/25
- Sms from department
- TDS ON RENT FOR THE F.Y. 2025-2026
- FORMATION OF LLP AND DOCUMENTS REQUIRED
- Statutory Audit & Cash flow
- Incorporation and investment
- TDS on Remittance in Dubai for services received in Dubai for a project in Dubai
- ITR revision intimation recd.
- Building material purchase can cliam in put in gst
- SPECULATION OF GOLD AND SILVER
- Tax liability after the GSTIN cancelled.
- Filing AOC 4 & MGT 7 on MCA v3 portal
- Capital Gain on Sale of Private company's shares
- ENTRY OF CIVIL MATERIAL AT TIME OF RENOVATE THE FACTORY BUILDING
- Chartered Accountant filing AOC 4 & MGT 7 of his clients on MCA v3 portal
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- TDS under section 195.
- Filing GST Returns after death of proprietor
- Registered Required in GST Act
Trending Online Classes
-
All Subjects Combo (Regular Batch) Jan & May 26
CA Hardik Manchanda,CS Arjun Chhabra & Prof. Akash Agrawal
CAclubindia
