import purchase

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..... 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 - Reply By Ganeshan Kalyani .....

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..... - The Reply = 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. - Reply By Kishan Barai - The Reply = You can get ITC of IGST Paid on imports against sale with GST b .....

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..... ill. 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) - Reply By Ganeshan Kalyani - The Reply = Thanks Sri Kishan Ji for nicely explained. - Reply By Kishan Barai - The Rep .....

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..... ly = Welcome Ganeshan Kalyani Ji - Reply By Kishan Barai - The Reply = 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 .....

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..... , 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. - import purchase - Query Started By: - udaykumar yadav Dated:- 13-9-2017 Customs - Import - Export - Customs - SEZ - Got 5 Replies - Customs - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Mana .....

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..... gement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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