Regarding material purchase from out side india
This query is : Resolved
05 March 2013
Sir,
Suppose I Have Imported 100 MT Scrap @ $426/-= $42600 from China,
Now when its come to India , Our Customs department raise a Bill of Entry by valuing is Exchange Rate @ Rs. 56.51/ per USD as on date.
Now Custom deppt Calculats Custom Duty as Follow
100 MT Scrap @ $ 426/MT = $42600 x Rs. 56.51 = Rs. 2407326.00
Add : 1% 24073.26
------------
Rs. 2431399.26
Add : CVD@12.36% 300520.95
Addl Duty 109276.81
===========
Net Bill of Rs. 2841197.02
Entry value
Now A FLC of $ 42600 has been opend for Payment.
Now my Question : by what Value I will Book for Purchase of Scrap in my Books of Account ?
is there any rule Provide by Accounting Standards,
thanks
Suppose I Have Imported 100 MT Scrap @ $426/-= $42600 from China,
Now when its come to India , Our Customs department raise a Bill of Entry by valuing is Exchange Rate @ Rs. 56.51/ per USD as on date.
Now Custom deppt Calculats Custom Duty as Follow
100 MT Scrap @ $ 426/MT = $42600 x Rs. 56.51 = Rs. 2407326.00
Add : 1% 24073.26
------------
Rs. 2431399.26
Add : CVD@12.36% 300520.95
Addl Duty 109276.81
===========
Net Bill of Rs. 2841197.02
Entry value
Now A FLC of $ 42600 has been opend for Payment.
Now my Question : by what Value I will Book for Purchase of Scrap in my Books of Account ?
is there any rule Provide by Accounting Standards,
thanks
05 March 2013
Book entire amount as scrap including duty paid. However, you are eligible to take CENVAT credit of additional duty paid.
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 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 1: Details for showing Exempt Income
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
