Import of Goods under GST - Accounting
This query is : Resolved
14 December 2020
A GST Reg. taxpayer imported goods worth $15000 from China. He cleared the goods from the customs. Now the client receives Discount of $5000 against the invoice.
1. Whether the assessee should account for only the net $10000 as exp.?
2. The assessee took ITC of IGST paid at the time of import. Whether he have to reverse any ITC because of this discount on imports?
3. Whether any communication have to be made to customs or any other Govt department or RBI regarding discount received from China?
1. Whether the assessee should account for only the net $10000 as exp.?
2. The assessee took ITC of IGST paid at the time of import. Whether he have to reverse any ITC because of this discount on imports?
3. Whether any communication have to be made to customs or any other Govt department or RBI regarding discount received from China?
14 December 2020
You have to book full purchase $15000 as per BOE and Invoice.
No ITC reversal required.
You have to present supplier credit note of $5000 discount to bank along with invoice and BOE while making payment.
No ITC reversal required.
You have to present supplier credit note of $5000 discount to bank along with invoice and BOE while making payment.
15 December 2020
Thank you, sir, for your response. I have another related query also
1. We will book the purchase exp in the accounts on the date of BOE and as per the exchange rate mentioned in BOE?
2. Sir we have to account for the credit note in the books of accounts? What shall be the rate of conversion for Credit Note whether as per credit note date or as on the date of original invoice?
1. We will book the purchase exp in the accounts on the date of BOE and as per the exchange rate mentioned in BOE?
2. Sir we have to account for the credit note in the books of accounts? What shall be the rate of conversion for Credit Note whether as per credit note date or as on the date of original invoice?
15 December 2020
Can the GST department disallow the ITC taken of import of goods as per BOE because later on discount was given by the supplier to us?
15 December 2020
Book credit note received from supplier in books as per current exchange rate
15 December 2020
No,In my opinion the department cannot ask for ITC reversal because you have paid full igst while importing.
15 December 2020
Thank you, sir, for your response.
I have another related query also
1. We will book the purchase exp in the accounts on the date of BOE and as per the exchange rate mentioned in BOE?
2. Sir we have to account for the credit note in the books of accounts? What shall be the rate of conversion for Credit Note whether as per credit note date or as on the date of original invoice?
I have another related query also
1. We will book the purchase exp in the accounts on the date of BOE and as per the exchange rate mentioned in BOE?
2. Sir we have to account for the credit note in the books of accounts? What shall be the rate of conversion for Credit Note whether as per credit note date or as on the date of original invoice?
16 December 2020
As per the date of accounting of/of credit note.
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