Cbec and rbi rates on customs

Why is that RBI precibes different rate and CBEC a different rate for customs transaction and the difference of which if we accounted in RBI be taken to P&L?.... Why there cant be a singular rate?.. Why is that not possible

 

Replies (2)
The purpose for which the rates are notified are different. RBI rates changes every day where as cbec notifies the rates twice in a month considering the avg of fluctuations. Accounting is done always on RBI rates at the time of remitence or payment. Cbec notification is purely for calculation of the invoice price and levy of customs duty there on. You account sales or purchase on basis of cbec rates which actually is the cost. While receiving or making payment party is debited or credited and the differential amount is taken to p and l. Hope it is clear

Can we use RBI Rate also on invoice as per date?

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 August 2026
International Corporate Tax Advisory

Shulke

Bengaluru

CA

View Details
Company
ARTICLESHIP 08 August 2026
Article Assistant

Sanath Sheshagiri & Co.

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
24 August 2026
Semi-Qualified CA/CA Finalist - Tax, GST, Audit & Accounts

Bharat Shah & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
CA Article Assistant/CA Drop Out/Accounts Executive

PARV & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details