GST and custom for Imports.

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