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When to book import purchase?

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 August 2012 when import purchase is to be booked ?
1. when goods are arrived in india ?
2.when goods are arrived at port of india
3.on the base of bill of entry
4.when goods are received in the warehouse of the client.
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U S Sharma

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U S Sharma (Expert)
20 August 2012 as per the rules precise way the ownership of the goods gets handshaked and changed when the seller issue invoice and despatch the goods.

however unless you have been assessed by customs in india, there is no use to valuate the same, so its better to take the date of valuation by customs and bill of entry date should be taken in accounts , in line to ease with all respective returns and documents with govt.
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