Hi All,
I have a query.
while calculating CIF value of imports , do i have to also include imports on Free of Cost basis.
freight and insurance on such FOC imports is booked as expense.
FOC imports is not shown as purchase.
Please help.
I am asking this question from Disclosure in notes as per revised sch VI point of view
And also if i have purchase cost + freight , then shuld i add 1% freight and ST of freight for value of CIF
CAclubindia
