recently I'm doing Audit of a company where I found a query related to custom duty payment.
The company paid a custom duty of Rs.50 lacs and this duty is related to import of FY 2018-19.
They expense out the total payment of custom duty in the FY 2017-18.
as per my opinion the treatment is wrong bcoz the payment of duty must me treated as advance payment.
The treatment is correct or not given by management??
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custom Duty payment
Replies (3)
What is Your opinion if Duty paid before Import of Supplies?
as per my opinion payment should treated as advance payment of custom duty as import will be booked in next year
Yes... You are exactly. If the payment paid in the FY 17-18 but material import FY 18-19 then the Duty amount will be book as Advance...
You ll note the Point and Refer / Notify to Your head...
You ll note the Point and Refer / Notify to Your head...
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