watch_later 22/06/18

Dear sir/ madam

I needed help of  you  how to make entry  of import purchase made from China  having 

purchase 2252.50$@66.700, frieight 0.00, insurance  0.00 Misc. 30$,  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

2 Responses | Latest response: 26/06/18 | Sort by Likes(thumb_up) Recent | GST Reply
watch_later 26/06/18
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          
watch_later 24/06/18

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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