GST and custom for Imports.

How to pass journal entries for purchase entries by imports and payments.

how gst is calculated and paid.

how customs is paid.

pls someone help to clearly understand and pass entries in books
Replies (3)
Quick Summary
This discussion clarifies the accounting treatment for imported goods, specifically focusing on GST and customs duties. It provides step-by-step journal entries for recording import purchases and subsequent payments. The advice details how to debit import accounts and IGST receivable, while crediting customs and IGST payable accounts, with payments then debited to customs and IGST payable before crediting the bank.

Journal Entry

Purchase Import Account....Dr
   To XYZ Company...Cr

 

 

Wt about GST and customs...
Hi Santhosh,

The entry while posting import purchase would be as below:

Imports A/c Dr.
IGST Receivable A/c Dr.
To Customs A/c Cr.
To IGST payable A/c Cr.

Payment entry would be as below:

Customs A/c Dr.
IGST Payable A/c Dr.
To Bank A/c Cr.

For values you may refer the Bil of entry of respective imports.

Hope this helps

Thanks
Bhavana K L
Bhavana @ lbkca.in

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