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Import payment not given

Gautam Jain (15 Points)

28 September 2021  
what treatement should be done in case of import, if payment does not given whether it shall be treated as income if yes what treatment should be done in books whether GST has to be paid on this income

 4 Replies

CA Raj Doshi (Practising CA) (5487 Points)
Replied 29 September 2021

I guess your case would be about a free replacement and you would have a commercial invoice with nil value. You should book the purchase and inward the stock at zero value.

Gautam Jain (6 Points)
Replied 29 September 2021

No sir  yeh replacement nahi hai. is case me hame import ke against koi payment nahi deni to kya hamari import value hamari income mani jayegi

CA Raj Doshi (Practising CA) (5487 Points)
Replied 29 September 2021

Yes. You will have to write off the creditor ledger balance to income.

Gautam Jain (6 Points)
Replied 29 September 2021

Whether gst jas to be apply on this income


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