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?
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input IGST credit claim on import purchase
Replies (24)
yes igst credit can b take in the same month
What entry will be passed?
Yes I agreed...
Total Invoice Value...?
Invoice value not shown gst amount, gst amount shown in bill of entry
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" .
Shankar ji can you explain what accounting entry to be pass for this import purchase transaction?
@ 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...?
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.
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.
Purchase entry and ITC On September transaction based....
In GST returns you have to show custom assessed value+ custom duty+ cess as import value. This will be available in bill of entry. IGST to be claimed as ITC
I think the goods are already yours when it arrives to custom clearance. So you can probably claim ITC in August returns and stock and purchase
entry in September.
But which date we shown in gst return?
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