Value of imported goods - either customs rate or rbi rate
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2018
Dear Experts,
Please guide, how to determine the value of imported goods in the following case:
01/03/2018 - Advance payment done - USD 1000 - Exchange Rate @ Rs.65/- - Value Rs.65000/-
07/03/2018 - Goods imported - Customs rate - Rs.64/- - Value Rs.64000/-
How to account the same in books? What is value of goods imported either Rs.65000/- or Rs.64000/-.
Please guide, how to determine the value of imported goods in the following case:
01/03/2018 - Advance payment done - USD 1000 - Exchange Rate @ Rs.65/- - Value Rs.65000/-
07/03/2018 - Goods imported - Customs rate - Rs.64/- - Value Rs.64000/-
How to account the same in books? What is value of goods imported either Rs.65000/- or Rs.64000/-.
07 March 2018
Purchase should be accounted at the exchange rate of RBI prevailing on the bill
of entry date.
of entry date.
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2018
Thanks for the reply.
That means to say, Value as per Bill of entry should be taken as value of goods imported for recording purpose.
Also tell me if it optional or mandatory - any reference?
Someone argued that we need to take payment rate for value.
Please explain with reference.
That means to say, Value as per Bill of entry should be taken as value of goods imported for recording purpose.
Also tell me if it optional or mandatory - any reference?
Someone argued that we need to take payment rate for value.
Please explain with reference.
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