How to Post bill of Entry in Tally ERP

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This topic contains 11 replies, has 2 voices, and was last updated by  Pratibha Goyal 1 week, 2 days ago.

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  • #59990

    pravitk
    Participant

    Dear sir,

    I have made Import from China, we paid Contract price Rs.278000/- to party

    and Bill of Entry Value Rs.308596/-plus gst 18%(Rs.55547.28) ,FREIGHT.Rs3950/- insurance. 1.125%

    how to post this value in party account and purchase in Tally Erp 9

    I HOPE EARLY REPLY

    With Regards

    PRAVI.T.K

    #59994

    Pratibha Goyal
    Participant

    Hii Pravitk

    The import cost has two aspects. One is GST, ITC of which is available. Other is BCD, ITC of which is not available.

    So Entry for booking expense would be like

    Expense (Cost + BCD) Dr.
    ITC Dr. (GST is asset here)
    To Bank/Customer
    To Custom Duty/GST Payable (To custom Authorities)

    This is the basic entry to the best of my knowledge.

    #60002

    pravitk
    Participant

    Sir,
    Please give the details
    Contract Value Rs.19602475/- paid to party

    Bill Of Entry

    Value Rs.20554087.75 (which included.Asset Value .Rs.20043800/-,Insurance.Rs.225492.75, and Freight Rs. 284795/-)
    BCD Rs.1541556.60
    Cess Rs.154155.70
    Total Assessable Value Rs. 22249800.00
    IGST Rs.4004964.00

    Question is how to pass the entry -difference amount Rs.441325/(contract value minus Asset Value)
    and Freight & Insurance In Tally entry

    I hope your early reply

    PRAVI

    #60013

    Pratibha Goyal
    Participant

    Sir I have one question

    why there is difference between contract value paid to party and asset value as per bill of entry?

    #60025

    pravitk
    Participant

    Madam,

    Our contract value USD.278000.00when paid in advance

    After goods reached the port customs charged the value in Bill of entry is different from our paid value.
    ( NOTE:Please, if the advance paid may be 1.00USD = 69.75 INR
    after the goods reached in port Customs Charged may be it 1 .00 USD= 72.10 INR)

    PRAVI T K

    #60039

    Pratibha Goyal
    Participant

    Okay Now I understood

    See Bill of Entry valuation is for custom purpose only.

    So Ideally the Entry would be

    Value of Goods Dr. 19602475
    Insurance Dr. 225492.75
    Freight Dr. 284795
    Custom Duty Dr. 1695712.3 [Expense] as credit is not available]
    IGST Dr. 4004964 [As Asset because credit is available]

    To Party for goods Cr. 19602475
    To Party for freight Cr. 225492.75
    To Party for Insurance Cr. 284795
    To Custom Duty Payable Cr. 1695712.3
    To GST Payable Cr. 4004964

    #60040

    Pratibha Goyal
    Participant

    I hope my point is clear

    #60083

    pravitk
    Participant

    Madam,
    Above question Freight and Insurance paid by us, not by consignor and is this two amount added to the value of goods,

    and where to show the bill of entry goods value

    PRAVI T K

    #60084

    Pratibha Goyal
    Participant

    If you are paying for freight and insurance:

    Value of Goods Dr. 19602475
    Insurance Dr. 225492.75
    Freight Dr. 284795
    Custom Duty Dr. 1695712.3 [Expense] as credit is not available]
    IGST Dr. 4004964 [As Asset because credit is available]

    To Party for goods Cr. 19602475
    To Bank [Freight Payment] Cr. 225492.75
    To Bank [Insurance Payment] Cr. 284795
    To Custom Duty Payable Cr. 1695712.3
    To GST Payable Cr. 4004964

    #60085

    Pratibha Goyal
    Participant

    As I said Earlier You dont need to show bill of entry value.

    It is only for custom purpose and documentation purpose

    #60086

    pravitk
    Participant

    Madam

    Thank you for your valuable information

    PRAVI T K

    #60090

    Pratibha Goyal
    Participant

    I hope it was helpful

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