Grn value on import
This query is : Resolved
07 August 2012
Hi this is abdul, can anyone suggest me on the following case?
We are importing goods for trading, the PO was raised in USD, can I raise the GRN in USD else INR?
if it is in INR, can i convert the basic value from USD to INR or any other expenses should be added?
Awaiting for a favorable response.
Thanks & Regards
Abdul
We are importing goods for trading, the PO was raised in USD, can I raise the GRN in USD else INR?
if it is in INR, can i convert the basic value from USD to INR or any other expenses should be added?
Awaiting for a favorable response.
Thanks & Regards
Abdul
08 August 2012
It depend on which accounting system you use.
In case of ERP you have to raise GRN in same currency as per PO. The exchange rate is date of Bill of Entry (RBI or SBI)
For conversion in to INR GRN only USD * Exchange Rate is required. Addition of incidental expenses is required for inventory valuation.
Also CIF value of import (cost + insurance + freight) is considered for calculation of assessable value for custom duty. It does not affect GRN value for accounting
GRN is booked for invoice amount only
In case of ERP you have to raise GRN in same currency as per PO. The exchange rate is date of Bill of Entry (RBI or SBI)
For conversion in to INR GRN only USD * Exchange Rate is required. Addition of incidental expenses is required for inventory valuation.
Also CIF value of import (cost + insurance + freight) is considered for calculation of assessable value for custom duty. It does not affect GRN value for accounting
GRN is booked for invoice amount only
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
