How to perform Import process without Maintaining Basic Custom Duty.
Example
Quantity -10000 MT
Assessable Value -Rs 1,00,000
Custom Duty - Rs 0
Gst Comp Cess rate- 400/Mt
IGST- 5%
Accounting Entry Will be
Dr. Gst Comp Cess - 4,00,00,000 (10000*400)
Dr. IGST - Rs 5000 (100000*5%)
Cr. Ice gate Custom - 4,00,05,000