Shipment in transit.
This query is : Resolved
Rahul Sharma
(Querist)
30 October 2019
Greetings.
My company is importing RM and exporting FG to outside the Indian territories. the term of delivery in both the case is having "CIF" basis only.
First of all, can in case of "CIF" delivery term basis we can account the export as sale on the same day once the invoice generated without the shipment and shipment will reach to the destination port after 2 months with the invoice and other document related to export.
And in case of import our company can account the invoice as shipment in transit & payable liability once it's generate at Importer premises without shipment, the shipment for the same will received after 2 months.
and delivery of the good will receive after two month only
My company is importing RM and exporting FG to outside the Indian territories. the term of delivery in both the case is having "CIF" basis only.
First of all, can in case of "CIF" delivery term basis we can account the export as sale on the same day once the invoice generated without the shipment and shipment will reach to the destination port after 2 months with the invoice and other document related to export.
And in case of import our company can account the invoice as shipment in transit & payable liability once it's generate at Importer premises without shipment, the shipment for the same will received after 2 months.
and delivery of the good will receive after two month only
CA R SEETHARAMAN
(Expert)
31 October 2019
In case of CIF export and import account it on reaching Port of delivery after 2 months.
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