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input IGST credit claim on import purchase

ITC / Input 11397 views 24 replies

mahendra sahoo

Gst Practicion

702 Points Posted on 14 September 2017

Dear sir,
If we import goods from USA INR value 20000 and 10 % custom duty I.e. 2000 and 28% IGST I. e. 6160 charged, tax amount paid to custom department, what entry will be passed, and can it claim IGST credit,? when?

Replies (24)

Abhishek Ajmera

68 Points Posted on 14 September 2017

yes igst credit can b take in the same month

mahendra sahoo

Gst Practicion

702 Points Posted on 15 September 2017

What entry will be passed?

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 15 September 2017

Yes I agreed...

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 15 September 2017

Total Invoice Value...?

mahendra sahoo

Gst Practicion

702 Points Posted on 15 September 2017

Invoice value not shown gst amount, gst amount shown in bill of entry

Shankar Sharma

513 Points Posted on 15 September 2017

You can claim ITC for IGST as shown in Bill of entry by making entries in table 5 of GSTR -2 and filing it.

Also while filing GSTR3B, in table 4, enter IGST paid, under "integrated tax" against "import of goods" .

mahendra sahoo

Gst Practicion

702 Points Posted on 15 September 2017

Shankar ji can you explain what accounting entry to be pass for this import purchase transaction?

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 15 September 2017

@ Mahendra Sahoo.,

How to you pay above said all amounts include the 20000 or

Import Value 20000

Customs 2000

IGST (22000) 6160

Total = 28160......

These are total or any other...?

Shankar Sharma

513 Points Posted on 15 September 2017

Invoice value in INR and all other payments including clearing charges except IGST becomes your purchase cost. You can get ITC for IGST when you file GSTR3B for the month during which you cleared the cargo.

mahendra sahoo

Gst Practicion

702 Points Posted on 15 September 2017

Current situation in my case, date of Bill of entry and payment was on 31.08.2017. We paid tax to custom department with a single challan rs 8160 ( custom 2000+ igst 6160 ), but material received by me on 07.09.2017. When we take purchase entry and itc claim of igst.