HELLO FRIENDS, PLS. TELL ME IF A PERSON PURCHASES THE GOODS FROM CHINA AFTER PAYING DUTY
WHAT IS THE ACCOUNTING ENTRY FOR IT.
IS THE TOTAL AMOUNT INCLUDING DUTY IS TO BE DEBITED TO PURCHASE ACCOUNT OR SOMETHING ELSE.
PLS. TELL ME.
RAJ KUMAR (FINANCE MANAGER) (1393 Points)
09 April 2011HELLO FRIENDS, PLS. TELL ME IF A PERSON PURCHASES THE GOODS FROM CHINA AFTER PAYING DUTY
WHAT IS THE ACCOUNTING ENTRY FOR IT.
IS THE TOTAL AMOUNT INCLUDING DUTY IS TO BE DEBITED TO PURCHASE ACCOUNT OR SOMETHING ELSE.
PLS. TELL ME.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 09 April 2011
total amount as per import bill of customs, including customs and all taxes is "purchase account" even you can book transport from port to your place added in purchase as per clearing agents invoice.
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 12 April 2011
IS THERE IS ANY DUTY FOR WHICH SET OFF IS AVAILABLE WHATHER SET OFF IS AVAILABLE ONLY WHEN THE IMPORTED GOODS ARE RE-EXPORT OR WE CAN SET OFF BY SALE IN INDIA ALSO.
PLS. HELP ME.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 12 April 2011
share the purpose / use of imported goods,
cvd can be taken as input credit under excise rules if the imported items are raw materials for excisable goods manufacture
cvd can be taken as input credit if the imported materials are capital goods for any exisable goods or taxable service
ASD can be used as input credit of vat or can be refunded if the goods sold after paying vat.
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 13 April 2011
I agree with Mr. Sharma, all expneses related to Import, you can book as purchase account, it is cost of purchase.
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 13 April 2011
IMPORTED GOODS ARE ONLY FOR RESALE AS IT IS IN INDIA ONLY.
FIRST WE HAVE TO PAY STATE VAT AND THEN REFUND FOR DUTY IS APPLIED OR ANY OTHER PRACTICE.
PLS. HELP ME.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 13 April 2011
when the gods are sold after paying vat, the refund is admissible under customs act for ASD
chetan
(accountant)
(321 Points)
Replied 13 April 2011
Hi friend
You will get refund SAD 4% if your doing trading of said products. If you do require more help you call me on below mentioned no. I will consult you about this matter.
Chetan
9664297976
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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