Managing Duty for Inbound Shipments – A Summary of the Activity

Parts imported/exported from a country are subject to Customs clearance process and attracts Customs Duty/Cess/any other Taxes. As per Indian regulations, the Customs process in managing Imports involves assessing the value of the Parts imported and filing a Bill of Entry, which is then approved. The Parts gets cleared only when the Duty/GST applicable for the imported goods is paid. Based on an organization’s policy, the Duty/GST may or may not be added to Stock value. Capturing the Duty/GST paid and adding it to the value of the Goods Received can be performed using this activity.

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