P.Mishra (Accountant) (155 Points)
31 May 2018
Pankaj Rawat
(GST Practitioner)
(55037 Points)
Replied 31 May 2018
P.Mishra
(Accountant)
(155 Points)
Replied 01 June 2018
GST RATE @ 12%
E WAY BILL AMOUNT - 728934+ 106716 I Agree sir..
but Assessable value 728934 and custom rate value- 686500
(1) Difference = 42434
What account show for difference amount and
(2) fluction conversion difference between custom rate and bank rate is = 686500- 676000= 10500
What entry for both difference
Vinod Babu
(24191 Points)
Replied 01 June 2018
P.Mishra
(Accountant)
(155 Points)
Replied 01 June 2018
P.Mishra
(Accountant)
(155 Points)
Replied 01 June 2018
Custom calculate the assessble value = 10000 X 68.65 = 686500
Add 5% svb load (if taken by custom) = 34325
Add 1.125% Insurance = 8109
Total value = 728934
Custom Duty (20% BCD + 10% Cess) 145787+14578 = 160365
Total assessble Value for GST Calculation = 728934+160365 = 889299
GST @ 12% ( 889299 X 12% ) = 106716
As per Bill of Entry IGST Assessble Value = 889299 IGST Value = 106716
I have paid Custom Challan for Rs. 160365+106716 = 267081
E way bill generate Value Rs. 889299+ 106716 = 996015
Purchase value as per custom rate (10000X 68.65) = 686500 + Custom duty 160365 = 846865
Creditors payment as per bank rate (10000 X 67.60) = 676000
IGST Assessble Value = 889299
I have explaind all value so Please reply what is purchase value show in P& L A/c and whats entry book in accounts ?
Svb Load and insurance value, custom department take only for calculation purpose we have not paid these value.
there are two difference
(I) custom dollar rate and bank dollar rate = difference between both amount is conversion profit and loss, am i right?
(II) E way bill Generate Value and Purchase Value. what is entry book for between both difference amount?
please reply
CAclubindia
