CIF value of imports

[ram manohar]

dear all,

 

Please help me in calculating the CIF value of imports for the purpose of disclosure under SCH VI. how it is worked out please provide any article related to that.

 

whether CIF value of raw material is presented or the CIF+ duty paid is considered for disclosure. 

 

 

 

 

thanks

RM Gupta

[aditya mishra]

Hi

 

 

There are two termlogy use in  import

 First One is FOB and another one is CIF

 FOB means is  all cost before delivery will  be beared by seller up to delivery of goods

 But in the case of CIF  cost will be beared by the buyer of fright and Insurance .

 

  I hope , Now it will be cleared

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Aditya Mishra
Ssangyong Engg. & Const. Co. Ltd.
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[ram manohar]

dear friend,

 

CIF is okay , what i want to say is CIF is a basis for calculation of duty on imported goods. so while presenting the figure in SCH VI in notes to accounts under 4 (D) i.e. C.I.F value of imports we shall show that CIF value of import or CIF value+duty paid on that raw material/stores/capital goods.

for example

 

CIF value of raw material = 100000

freight and insurance from port to factory= 5000

say duty on such item is = 14000

which figure will be disclosed in the schedule VI ,whether rs 100000 or 105000 or 119000.

[CA.Altaf Husain]

Hi Ram Manohar,   FYI,   The c.i.f. (cost, insurance, and freight) value represents the landed value at the first port of arrival. No other addition in this CIF is required for Notes to account purpose.   In the below example CIF =100000     Regards, Altaf --- On Fri, 24/6/11, ram manohar <rmg...@yahoo.co.in> wrote:

[ram manohar]

thanks

-- Thanks & RegardsAditya MishraSsangyong Engg. & Const. Co. Ltd.Mob. 09999015367-- TIACA Group website www.tiaca.in You received this message because you are subscribed to the GoogleGroups "THE INDIAN ASSOCIATION OF CHARTERED ACCOUNTATS" group.To post to this group, send email to TI...@googlegroups.comTo unsubscribe from this group, send email toTIACA+un...@googlegroups.com DisclaimerThe views express in TIACA Group email messages are personal of the email sender. Reader should seek appropriate professional advice before acting on the basis of any information contained herein. TIACA groups member, owners expressly disclaim any and all liability to any person, whether a subscriber or not, in respect of anything and of the consequences of anything done or omitted to be done by any such person in trust upon the contents of TIACA group massages. -- TIACA Group website www.tiaca.in You received this message because you are subscribed to the GoogleGroups "THE INDIAN ASSOCIATION OF CHARTERED ACCOUNTATS" group.To post to this group, send email to TI...@googlegroups.comTo unsubscribe from this group, send email toTIACA+un...@googlegroups.com DisclaimerThe views express in TIACA Group email messages are personal of the email sender. Reader should seek appropriate professional advice before acting on the basis of any information contained herein. TIACA groups member, owners expressly disclaim any and all liability to any person, whether a subscriber or not, in respect of anything and of the consequences of anything done or omitted to be done by any such person in trust upon the contents of TIACA group massages.

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[aditya mishra]

Hi , Yes only CIF value will be consiudered in the Schedule VI . as per my view Rs 100,000 is correct

 

CIF include  freight and insurance so need to addition further .

 

 

 If u want to cost of Capital then value should be Rs 119000

 

 

 Regards,

 

 

Aditya Mishra

[manoj gupta]

CIF value means cost including Insurance and Freight. All taxes and duties are added in the CIF value to calculate the Landed Costs. You may disclose both CIF value and Landed Cost