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.
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