Nupur Sharma (CA) (426 Points)
26 February 2013In case of exports, when should the sales be booked. On the date mentioned in Bill of Lading or when the goods reach the destination country?? Our auditors are insisting that sales must be booked when they reach the destination as per AS-9.
Please help!!
Thanks in Advance
pravallika reddy
(articleship)
(305 Points)
Replied 27 February 2013
Dear sharma,
As per AS -9, transfer of physical possesion of goods is not significant and accounted when the clearance is given i.e., when the risk and rewards transfer to the buyer.
pravallika reddy
(articleship)
(305 Points)
Replied 27 February 2013
Dear sharma,
As per AS -9, transfer of physical possesion of goods is not significant and accounted when the clearance is given i.e., when the risk and rewards transferred to the buyer.
A MUNESWARARAO
(Student MBA)
(21 Points)
Replied 13 September 2014
Dear Pravallika,
kindly provide information regarding C,F,H foms?
Thanks&Regard's
Muneswararao
Ajeet Singh
(Service )
(190 Points)
Replied 13 September 2014
For taking goods at consessional rate of CST 2% buyers have to issue declaration form to seller in course of inter state purchase...
C FORM issue by buyer to seller for cst 2% (at consessional rate)
F Form in case of Branch Transfer.(for zero rated sale)
H Form in case of export sale (for zero rated sale)
chandra sekar
(Manager-Accounts)
(387 Points)
Replied 28 April 2015
pls clarify, till the shipped goods reach the destination, how we can show the stocks in our books? is there any provision to account the said sales as " sale in transit". But the sales tax departments accept the exported sale, based on the BL date. Is it okay?
CAclubindia
