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Import Entry in Tally

13 July 2017

we are using tally 6.0.1ver. We are importer and we had paid the IGST @ 18% at customs. Can you tell us how to pass this entry. Also wish to inform you that we have paid through bank to foreign supplier at current exchange rate but customs has calculated on their rate. Please help me. Thanks, Prabhat/Bangalore

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7 Replies

Ghayas Ahmad (31 Points)
Replied 13 July 2017

Dear prabhat
plz find entry you wanted you know.
its quit easy as usual
Purchase A/c Dr
IGST @ 18% A/c Dr
To supplier A/c
further for your info
Exchange rate to determine the conversion value for imported goods is the date on which you filed bill of entry.
therefore whether by what exchange rate you have made payment not relevant.
custom will charge duty on that conversion value which was prevalent at the time of filling shipping bill/bill of entry.
Warm Regards
Ghayas Ahmad
Ghayasahmadkhan @ gmail.com

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Prabhat Kishanpuria (46 Points)
Replied 14 July 2017

Dear Sir, thanks for your detailed reply.

If I take customs AV than what to do with difference of amt between paid and customs valuation.

Earlier we used to debit full customs duty as expenses, now should we take only BCD and cess as exp and IGST as input credit.

Diwakar Singh (8 Points)
Replied 27 November 2017

Dear sir Now entry will be under reverse charge like purchases from unregistered supplier . Then do entry for increase tax liability and increase input tax credit in journal under alt+j ( stat adjustment) for that igst amount and make payment of igst amount under (stat payment) alt +s in payment . It will finish entry for igst amount under reverse charge. For custom duty paid and other expenses like stamp duty custom duty will add in cost . For that you need to do entry in journal normally . No extra method . If have any better solution then kindly write It will help full

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sridhar (ACCOUNTANT) (110 Points)
Replied 01 February 2018

Suppose ABC company import purchase from ( China) XYZ limited

particulars	Qty	Rate	Amount
Invoice value	$200	65	13,000.00
freight	$50	65	3,250.00	india
Insurance @ 1.1%			143.00	india
A.v			16,393.00
Custom duty			1639	india
Education cess			492
total value			18,524.00
IGST			3334

HOW CAN WE MAKE ENTRY IN TALLY

According you We take reverse charges base

Account entry will			Import purchase a/C		18524	(Dr)
			XYZ Limited				18524	cr
Then through statement adjustement entry in tally (Alt+j) and (Alt+s) we will settle the Gst Liability and Input credit of IGST

But questuon is here that

we have to pay only $200X65.00 to China party not all

So how can you show the presentation correctly