14 October 2013
X LTD OF INDIA PURCHAE IMPORTED CHEMICAL FRORM Y LTD USA,INVOICE VALUE IS 2435 USD.EXCHANGE RATE IS-60.66 BCD RS.18666,CVD RS.24625,CUSTOM EDUCATION CESS RS.866,Custom Sec & Higher Edu.Cess Cvd@1% RS.433,Add Duty (Imports)-9425.
KINDLY EXPLAIN ACCOUNTING ENTRY OF IMPORT PURCHASE,CUSTOM DUTY & INPUT CVD & ADD DUTY FOR CENVAT CREDIT
Go to Gateway of Tally > Accounts Info. > Voucher Types > Create
In Name field enter the receipt name as Excise - Receipt Note
In Type of Voucher select Receipt Note. Abbreviation will be defaulted
Select Automatic in Method of Voucher Numbering field
Set Use Advance Configuration to No
Retain the default settings for other fields.
Set the option Use for Excise to Yes
In Default Excise Unit field select Company
Press Enter accept
Record the Imports in Purchase voucher
Setup:
In F11: Features ( F2: Inventory Features)
Set the option Use Tracking Numbers (Delivery/Receipts Notes) to Yes
Go to Gateway of Tally > Accounting Vouchers > F9: Purchase
Select the Excise - Purchase as the Voucher Type from the list of types.
Select Alt + I: Item Invoice if it is in Acct Invoice mode
Press F2 and enter the SET date.
Enter the Supplier Invoice No.& DT
By Default Tally displays the Excise Unit as ABC Company as defined during voucher type creation.
Select the Party’s A/c Name from the list of Ledger Accounts Manufacturers
In Party Details screen, in Manufacturer /Importer Details section specify your company details with excise details, since you can declare as Self Importer which is equivalent to Manufacturer.
Nature of Purchase will be defaulted to Importer as defined in the party ledger
In Purchase Ledger field select Purchase - Imports from the List of Ledger Accounts. VAT/Tax Class will be defaulted to Import
In Name of Item field select Cold Rolled Coils
In Stock Item Allocation screen
In Tracking Number field select the option New Number and specify the Bill of Entry No (Bill of entry number is the number is issued by the clearing agent
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