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IMPORT

RAJ KUMAR (FINANCE MANAGER) (1393 Points)

09 April 2011

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.

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8 Replies

U S Sharma (glidor@gmail.com) (21063 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.

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RAJ KUMAR (FINANCE MANAGER) (1393 Points)
Replied 10 April 2011

ANY OTHER REPLIES.

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) (21063 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.

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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) (21063 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