I have purchase goods from china $10000
Custom conversion dollar value- $68.65
Assessable value by Custom for Calculate Gst- Rs. 728934
Custom Duty- Rs. 160365
GST AMOUNT- Rs. 106716
Payment to Party by Bank Rate- $67.60
What is Purchase Value shown in P&L A/c and what amount E way Bill issue?
please reply it's urgent..
Thanks in advance for member i am waiting for reply..
10 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 31 May 2018
Your purchase value will be 728934/- (also mentioned shipping bill)
EWAY BILL ON 728934 + 106716
You can also generate E-way bill by showing only 728934/- , (IGST tax column is optional not mark as red)
EWAY BILL ON 728934 + 106716
You can also generate E-way bill by showing only 728934/- , (IGST tax column is optional not mark as red)
P.Mishra
(Accountant)
(155 Points)
Replied 01 June 2018
GST RATE @ 12%
E WAY BILL AMOUNT - 728934+ 106716 I Agree sir..
but Assessable value 728934 and custom rate value- 686500
(1) Difference = 42434
What account show for difference amount and
(2) fluction conversion difference between custom rate and bank rate is = 686500- 676000= 10500
What entry for both difference
Vinod Babu
(24191 Points)
Replied 01 June 2018
Foreign Exchange gain is profit to us so its increase profit the entry is
P&L a/c dr to Foreign exchange diff a/c.
If it is Loss the entry like
Foreign exchange diff a/c dr to P&L a/c
P&L a/c dr to Foreign exchange diff a/c.
If it is Loss the entry like
Foreign exchange diff a/c dr to P&L a/c
P.Mishra
(Accountant)
(155 Points)
Replied 01 June 2018
there are two difference amount
1- 42434
2- 10500
1- 42434
2- 10500
P.Mishra
(Accountant)
(155 Points)
Replied 01 June 2018
Custom calculate the assessble value = 10000 X 68.65 = 686500
Add 5% svb load (if taken by custom) = 34325
Add 1.125% Insurance = 8109
Total value = 728934
Custom Duty (20% BCD + 10% Cess) 145787+14578 = 160365
Total assessble Value for GST Calculation = 728934+160365 = 889299
GST @ 12% ( 889299 X 12% ) = 106716
As per Bill of Entry IGST Assessble Value = 889299 IGST Value = 106716
I have paid Custom Challan for Rs. 160365+106716 = 267081
E way bill generate Value Rs. 889299+ 106716 = 996015
Purchase value as per custom rate (10000X 68.65) = 686500 + Custom duty 160365 = 846865
Creditors payment as per bank rate (10000 X 67.60) = 676000
IGST Assessble Value = 889299
I have explaind all value so Please reply what is purchase value show in P& L A/c and whats entry book in accounts ?
Svb Load and insurance value, custom department take only for calculation purpose we have not paid these value.
there are two difference
(I) custom dollar rate and bank dollar rate = difference between both amount is conversion profit and loss, am i right?
(II) E way bill Generate Value and Purchase Value. what is entry book for between both difference amount?
please reply
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