Export import

This query is : Resolved

Umesh Patel (Querist)
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08 July 2019 Dear Sir,

Good afternoon!!!

I would like to know about Accounting entries for Import & export accounts.
I would be thankful to you if you have whole details along with entries of example in any file format.

Thanks...

Shashikant Varshney

Shashikant Varshney (Expert)
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08 July 2019 Accounting entry in case of import of goods
Accounting treatment of tax paid on import of goods co-exists with the eligibility of importer to claim ITC on goods import by him. In case importer is eligible to claim ITC accounting treatment for the same may be given as under:

At the time of payment of IGST on import:

Advance IGST on import a/c Dr

To Bank a/c

At the time of receipt of goods in store:

Import Purchase a/c Dr

BCD a/c Dr

Freight on import a/c Dr

Other import expenses a/c Dr

IGST on import Dr

To XYZ inc party a/c

To Import expenses – advance a/c

To advance IGST on import