Shipment in transit.
This query is : Resolved
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
31 October 2019
In case of CIF export and import account it on reaching Port of delivery after 2 months.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- GST not cancelled by tenant
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- 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
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
