I am importer , import invoice value is 10 lacs in inr, but custom department said goods value is 20 lacs, Igst charged on amount of Rs 20 lacs, but my actual shipment value is only 10 lacs which was sent through bank to foreign suppliers.
Now i want to know whats is the right accounting treatment. if i sold the goods then my output liability is less than my itc. Whats is my purchase value 10 lacs or 20 lacs,
pls explain in details
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Difference between Invoice value & custom assessable value
Replies (1)
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Purchase Value in Books: Record only the actual amount paid to the supplier (₹10 lakhs).
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Tax Credit: Claim the full IGST amount paid to Customs as ITC.
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Valuation Dispute: If you believe the customs assessment of ₹20 lakhs is unjust, maintain a file with your commercial invoice, proof of payment (bank remittance/Swift copy), and contract documents. You can approach a tax consultant to evaluate if there are grounds to challenge the valuation for future shipments or to seek a refund for overpaid duties.
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