05 January 2016
We are the furniture installation firm in india & purchased Glass from China, bill received in USD, payment made in INR against USD,So my question are: 1) how can we show this in accounts.? 2) VAT / CST applicable or not because goods movement in india. 3) Under which head we can show in the Sale Tax Return.??
05 January 2016
1) you need to show it as import purchases in the books. USD x rate as on date of entry will be purchase cost. Payment may be at some other rate. Difference will be foreign exchange fluctuation. 2) VAT/CST wont be applicable since it is import. 3) You have show under import purchases.
CAclubindia
