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Mar 07, 2022 at 11:12 AM

Import without Basic Custom Duty

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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


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