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Record Import of Goods and Services

In TallyPrime, you can record import transactions for goods and services with VAT. If VAT is paid at customs, record the purchase and the customs payment. If VAT is not paid at customs, record the purchase and then account for the VAT liability and input tax credit under the reverse charge mechanism. Goods purchased from a Designated Zone are also treated as imports.

Record Import of Goods with Tax Paid at Customs

In the Purchase voucher, in Item Invoice mode:

1. In Party A/c name, select the ledger of the party located outside the GCC country.
2. Press Enter from the Amount field to display the Tax Details screen.
3. Enter the taxable value determined by customs, on which tax was paid, in the Taxable value field.
   This value does not impact the item cost or voucher total and is used only for tax return reporting.
4. Enable Provide VAT details.
5. In the VAT Details screen, enter the Import Permit Number.
6. Set Is VAT Paid at Customs to Yes.
7. Press O (Override) to save the voucher.

Record Payment Voucher for Tax Paid at Customs

In the Payment voucher, 

1. Press Ctrl+F (Autofill).
2. In the Autofill screen, select Stat Payment in Type of transaction.
3. Select VAT paid to Customs as the Payment Type for Imports.
4. In the For field, select Imports.
5. In the Account field, select the cash or bank ledger.
6. Select the VAT paid to Customs ledger and enter the tax amount paid to customs.
7. Press Ctrl+A to save the voucher.

Record Journal Voucher to Claim Input Tax Credit

After recording the payment voucher, you can claim input tax credit for the VAT paid at customs by creating a Journal voucher.

In the Journal voucher, 

1. Set Nature of Adjustment to Increasing Input Tax.
2. Set Additional Details to Claiming VAT Paid to Customs.
3. Provide other necessary details and press Ctrl+A to save the voucher.

You can also record a single journal entry to account for both the payment and input tax credit claims.

• Set Nature of Adjustments to Account for and Claim VAT Paid to Customs and Additional Details to Imports.

Record Import of Goods Without Tax Paid at Customs

In the Purchase voucher, in Item Invoice mode:

1. In Party A/c name, select the ledger of the party located outside the GCC country.
2. Enable Provide VAT details.
3. In the VAT Details screen, enter the Import Permit Number.
4. Set Is VAT Paid at Customs to No.
5. Press Ctrl+A to save the voucher.

Record Journal Voucher for Reverse Charge Liability and Input Tax Credit

After recording the purchase, create a Journal voucher to account for the VAT liability and claim input tax credit under the reverse charge mechanism.

1. Press Alt+J (Stat Adjustment).
2. In the Stat Adjustment Details screen, select Increase of Tax Liability & Input Tax Credit as the Nature of adjustment.
3. In the Additional Details field, select Imports.
4. Set Is declared to Customs to No.
5. Debit the VAT ledger for the tax on imports under reverse charge.
6. Enter the Tax Rate and Taxable Value in the VAT Details screen.
7. Credit the VAT ledger and enter the Tax Rate and Taxable Value in the VAT Details screen.
8. Press Ctrl+A to save the voucher.

Record Import of Services

In the Purchase voucher, in Accounting Invoice mode:

1. In Party A/c name, select the ledger of the party located outside the GCC country.
2. Select the service ledger.
3. Enable Provide VAT details.
4. In the VAT Details screen, enter the Import Permit Number.
5. Set Is VAT Paid at Customs to No.
6. Press Ctrl+A to save the voucher.