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
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GST and custom for Imports.
Replies (3)
Quick Summary
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
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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