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Jan 05, 2017 at 07:19 AM

SED is getting inventorized in MIGO which is required as creditable component similar CVD

127 Views Last edit Jan 05, 2017 at 07:52 AM 2 rev

We are working on a scenario where Special custom duty (SED) should not be inventorized at the time of MIGO & should be available for credit availment similar to CVD in case of external import procurement.

Current Accounting entries at the time of MIGO as:

1000 1 89 208022 INV. STORE (IMP) 1.158,48 USD 1100 1100 BSX 208022 S
1000 2 96 106901 GR/IR Clg. Account 1.000,00- USD 1100 1100 WRX 106901 H
1000 3 96 107904 CUSTOM CLEARING(BCD) 101,00- USD 1100 1100 FR3 107904 H
1000 4 96 107904 CUSTOM CLEARING (ECESS)4,80- USD 1100 1100 FR3 107904 H
1000 5 96 107904 CUSTOM CLEARING (HECESS)2,40- USD 1100 1100 FR3 107904 H
1000 6 50 107902 Cenvat Clearing-SED 50,28- USD 1100 1100 ZSD 107902 H

Required Accounting entries at the time of MIGO as:

1000 1 89 208022 INV. STORE (IMP) 1.108,20 USD 1100 1100 BSX 208022 S
1000 2 96 106901 GR/IR Clg. Account 1.000,00- USD 1100 1100 WRX 106901 H
1000 3 96 107904 CUSTOM CLEARING(BCD) 101,00- USD 1100 1100 FR3 107904 H
1000 4 96 107904 CUSTOM CLEARING (ECESS)4,80- USD 1100 1100 FR3 107904 H
1000 5 96 107904 CUSTOM CLEARING (HECESS)2,40- USD 1100 1100 FR3 107904 H

To summarize the requirement for external import procrement:

1. SED Should not inventorized in MIGO

2. SED amount should be available in J1IEX for duty credit

3. SED amount should be available for credit availment

Please suggest a solution/work around to achieve this.

Regards

Rohit