Purchase accounting of imports

Others 356 views 3 replies

What will be the Value for Purchase, when there is a difference between the Value of the Invoice as per Import, and the Assessable value as per the Bill of Entry. For example -

The Invoice value after conversion is Rs. 10.00 lakhs

The Value - Assessable, as per the Bill of Entry is Rs.14.00 lakhs.

How to account for the excess GST paid.

Replies (3)
Give Your all details of the import with customs and other charges in port. After that I will try to explain the same..

The Assessable value as per BOE is Rs. 12,63,595.00

Customs duty paid is Rs. 4,72,386.00

GST Pais is Rs 3,53,807.00

Item imported is Plastic Goods

ACTUAL INVOICE VALUE IS Rs. 6,59,937.67

@ venkatesh how can actual invoice value be 6,59,937


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