Purchase international
This query is : Resolved
05 January 2016
We are the furniture installation firm in india & purchased Glass from China, bill received in USD, payment made in INR against USD,So my question are:
1) how can we show this in accounts.?
2) VAT / CST applicable or not because goods movement in india.
3) Under which head we can show in the Sale Tax Return.??
1) how can we show this in accounts.?
2) VAT / CST applicable or not because goods movement in india.
3) Under which head we can show in the Sale Tax Return.??
05 January 2016
1) you need to show it as import purchases in the books. USD x rate as on date of entry will be purchase cost. Payment may be at some other rate. Difference will be foreign exchange fluctuation.
2) VAT/CST wont be applicable since it is import.
3) You have show under import purchases.
2) VAT/CST wont be applicable since it is import.
3) You have show under import purchases.
Message likes :
1 times
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 of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Rental income gst and it purpose
- Gift Received from nonblood relative
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Putting a heading on received mail
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
