import purchase

[udaykumar yadav]

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

AI Summary

Guide on Accounting Import Purchases Under GST: IGST, Customs Duty, and ITC Best Practices Explained A user inquired about accounting for import purchases under GST, detailing costs such as purchase amount, customs duty, IGST, transporter charges, and clearing and forwarding charges. Respondents advised on accounting practices, suggesting debiting the IGST paid on imports to the IGST receivable account as a current asset. They explained that Input Tax Credit (ITC) of IGST can be claimed against sales with a GST bill. Journal entry examples were provided, and it was recommended to consult a professional accountant for filing returns, which can also be done online through the GST portal.