Accounting For Customs Duty

This query is : Resolved

CA.CS.V.Viswanathan

CA.CS.V.Viswanathan (Querist)
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15 September 2009 Respected Experts,

Our Company Imports Goods For which Customs Duty is Paid. How to Account for Payment For Customs Duty Please Pass the Entry with Example.?
Can Customs Duty paid be taken as CENVAT Credit??

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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15 September 2009 export rules will apply to cutom duty paid.

entry is :

Pur dr
Custom Duty Cr
Bank / Creditor Cr

Message likes : 2 times

Ram Avtar Singh

Ram Avtar Singh (Expert)
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15 September 2009 Purchase Imort Dr(Diff of Credit)
Cenvat 8% Dr
Cess 2% Dr
S&H 1% Dr
ADDL Duty 4% DR

Party Cr
Custome Duty Cr
Shipping Agent Cr
CHA Cr
xyz Cr

Message likes : 1 times

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