Dear sir/ madam
I needed help of you how to make entry of import purchase made from China having
purchase email@example.com, frieight 0.00, insurance 0.00 Misc. 30$, assessable value 153955.47, BCD RS.30791 and Igst @5% as 9237.30 how can i make entry in tally i will show no mis match report in tally9.0 erp
|VALUE OF IMPORTED GOODS + BASIC CUSTOMS DUTY = VALUE ON WHICH IGST IS CALCULATED X IGST RATE = IGST PAYABLE|
|VALUE OF IMPORTED GOODS + BASIC CUSTOMS DUTY = VALUE ON WHICH GST CESS IS CALCULATED X GST CESS RATE = GST CESS PAYABLE|
|BASIC CUSTOM DUTY + IGST + GST CESS = TOTAL DUTIES AND TAXES PAYABLE ON IMPORTS|
You need to include duty and other expenses in purchase. IGST paid consider as asset as you will be able to take ITC on it.
Seller should be credit with purchase amount.
Difference between your booking and payment to seller will go to foreign exchange Gain/Loss account.
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