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/-.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

07 March 2018 Purchase should be accounted at the exchange rate of RBI prevailing on the bill
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.

Upgrade to CAclubindia Pro. Subscribe Now!