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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Oct 2025 Invoices
- MSME disclosure and disallowance
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
