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Disclosure of Import Purchases

Athmaram (Articled Assistant) (170 Points)

24 February 2011

What is the value of import purchase need to be disclosed in the TNVAT Return, Either the Landing Cost (Import Purchase Invoice Value, Inward Freight Charges, Customs Duty Paid, Clearance Charges, Handling Charges incurred) or Only the Import Purchase Invoice Value.

Thanking You

Regards

Ram.

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3 Replies

Abishek (Student) (1108 Points)
Replied 24 February 2011

every thing should be added and shown in the return

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Athmaram (Articled Assistant) (170 Points)
Replied 25 February 2011

Thanks 4 ur reply Mr. Abishek

But my doubt is that when we prepare our financial statements such as P&L A/c the import purchase will be disclosed only at its Invoice Value & the other cost will be shown as Direct Expenditure. Hence there is a difference between the financial books & the VAT returns submitted by d Assessee. How 2 overcome this hazard?

If there is any notification or case study in this regards then please forward it.

Thanking You

Regards

Ram.

chetan (accountant) (321 Points)
Replied 09 April 2011

Hi Friends

We have to show all these expenses in purchase head only. You cant show it in expenses head because that is not your expenses. and you have to disclose total cost amount (Import Purchase Invoice Value, Inward Freight Charges, Customs Duty Paid, Clearance Charges, Handling Charges incurred) in Mvat return.