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import purchase, Customs - Import - Export - Customs - SEZ

Issue Id: - 112812
Dated: 13-9-2017
By:- udaykumar yadav
import purchase

  • Contents

Dear sir ,

i want to know about import purchase under Gst, please give me solution. import purchase details below mention

purchase amount 250000/-

custom duty 10% 25000/-

I GST 18% 49500/-

Transporter charges 20000/-

clearing and forwording charges - 25000/-

how to pass entry with expense which I GST would be liabilities

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Showing Replies 1 to 5 of 5 Records

1 Dated: 13-9-2017
By:- Ganeshan Kalyani

You have to see accounting standards for booking of import in your books of accounts. As far as IGST is concerned if you have taxable goods on which GST is payable then IGST paid on import you can debit to IGST receivable account in the current asset heading of the balance sheet.


2 Dated: 17-9-2017
By:- Kishan Barai

You can get ITC of IGST Paid on imports against sale with GST bill.

Journal entries example

Stage A

IGST A/C Dr. 49500

To Bank A/C Cr. 49500

Stage B

Buyer LTD A/C Dr. xxxxxxxx

To Sales A/C Cr. xxxxxxx

To IGST AC Cr. xxxxxxx (IGST could also be used to offset CGST or SGST)


3 Dated: 17-9-2017
By:- Ganeshan Kalyani

Thanks Sri Kishan Ji for nicely explained.


4 Dated: 18-9-2017
By:- Kishan Barai

Welcome Ganeshan Kalyani Ji


5 Dated: 20-9-2017
By:- Kishan Barai

Respected Uday Kumar Ji,

You will get full credit of IGST on your imported products when you sell that goods with a bill. I already posted journal entry for it, you can meet good CA / CS/ Accountant in your area to file returns, he will help you with it. You can also file it on online portal via yourself of www.gst.gov.in , In portal you need claim ITC via filing GSTR 1, 2 &3.

I hope things are cleared now. Sorry for the inconvenience by me & other members of this portal.


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