Letters of credit
The LC number, the supplier, the currency and the value, kept open until you mark it cleared.
Import & export papers
Bill of entry, customs duty and export invoices in one set of books
Record every letter of credit, bill of entry, shipping bill and drawback claim with its foreign value and exchange rate. Work out BCD, surcharge and import IGST on a consignment, add the duty and freight to the cost of the goods, and bill overseas buyers in their currency at zero rate.
For importers, merchant exporters, manufacturer-exporters and trading houses.
- LC, BoE and shipping bill register
- Customs duty worked into cost
- Export invoices in USD, EUR and more
USD rate used
Import · BoE ₹83.20
Export · invoice ₹83.40
MSKU 447120 9
800 u
At cost pending
Bill of entry · 4471209
Invoice valueUSD 12,400 @ 83.2
Assessable value₹10,31,680
Basic customs duty 10%₹1,03,168
Landed cost · 800 units₹0/u
Export invoice · Dubai
AmountUSD 9,800
At 83.40₹8,17,320
GST0% · zero-rated
- Bill of entry
- Landed cost
- Export
- GSTR-3B
At the port
From the bill of entry to the true cost of each unit
Record the bill of entry with its foreign value and duty. Customs duty and clearing go into the stock cost, and import IGST is kept aside as input credit.
invoice.othtech.com/trade/BOE-4471209
Bill of entry 4471209
Nhava Sheva · 800 LED panels from Shenzhen
- Assessable value · USD 12,400 @ 83.20₹10,31,680
- Basic customs duty 10%₹1,03,168
- IGST 18% on value + dutyInput credit₹2,04,273
- Clearing and freight₹18,500
Into stock · IGST kept out₹11,53,348 over 800 units₹1,442/u
Adding duty…
Trade documents
LCs, bills of entry, shipping bills
- LC 0921 · USD 12,400
- Open
- BOE 4471209
- Duty paid
- SB 7783015 · Dubai
- USD 9,800
6 open documents
Export invoice · Dubai
Billed in the buyer's currency
- Amount
- USD 9,800
- At 83.40
- ₹8,17,320
- GST
- 0% · zero-rated
Reported in GSTR-3B table 3.1(b)
Illustration · sample names and numbers
One register for the trade papers
The documents that usually sit in a folder and an email thread, kept with their values in rupees and in the foreign currency.
Bills of entry
Each import with its foreign value, the exchange rate, the rupee value and the customs duty paid.
Shipping bills
Each export with the buyer, the currency, the exchange rate and the value in both currencies.
Duty drawback
The drawback claimed on each export, totalled so you can see what is still to come back.
Each document is marked open, cleared or closed. The register totals what is open, the value of imports and exports in rupees, the customs duty paid and the drawback claimed.
Import costing
What 800 units cost once they clear customs
An importer brings in 800 units at USD 12,000, which is ₹9,98,400 at ₹83.20. Add freight and insurance and the assessable value is ₹10,28,000. BCD at 10% is ₹1,02,800, and the social welfare surcharge, 10% of the BCD, is ₹10,280.
Import IGST at 18% is worked out on ₹11,41,080, the assessable value plus BCD and surcharge, and comes to ₹2,05,394.40. That is credit you claim, so it stays out of the cost. The ₹1,42,680 of duty, surcharge, freight and insurance is spread over the goods by value, so a unit costs ₹1,426.35 instead of ₹1,248.
- Assessable value from goods, freight and insurance
- BCD and surcharge at the rates you enter
- Import IGST shown apart as input credit
- Duty and freight added to each item's cost
Import costing · BoE 4471209
800 units · spread by value
- Goods · USD 12,000 at ₹83.20
- ₹9,98,400.00
- Freight
- ₹24,000.00
- Insurance
- ₹5,600.00
- Assessable value
- ₹10,28,000.00
- BCD 10%
- ₹1,02,800.00
- SWS 10% of BCD
- ₹10,280.00
- Import IGST 18% · claim as ITC
- ₹2,05,394.40
- Added to stock cost
- ₹1,42,680.00
Landed cost per unit₹1,426.35
Illustration · sample numbers
Export invoices
Bill the buyer in their currency
A shipment of USD 9,800 at ₹83.40 is billed in dollars and booked at ₹8,17,320, with no GST when you export under LUT.
Any currency
USD, EUR, AED or the buyer's currency, with the exchange rate on the invoice.
Rate filled in
The latest rate fills in when you pick the currency, and you can type the rate you use instead.
Zero-rated in returns
Exports go to the GSTR-1 export table and to GSTR-3B table 3.1(b), with or without IGST.
Revalue what's owed
Revalue open foreign-currency receivables at a new rate, and the gain or loss is posted for you.
A shipment, start to finish
- 01
Open the document
Record the LC or bill of entry with its number, party, currency, rate and foreign value.
- 02
Cost the consignment
Enter the goods value in rupees, freight, insurance and the duty rates, and land the cost into stock.
- 03
Bill the export
Raise the invoice to the overseas buyer in their currency; it is reported as a zero-rated supply.
- 04
Close it out
Record the shipping bill and the drawback claim, and mark each document cleared or closed.
The register sits next to your stock and books but is not linked to a purchase order or invoice yet; put the bill of entry number as the reference on the import costing. Import costing takes the goods value in rupees, so convert it at the bill of entry rate first. Clearing and CHA charges go in as a separate landed cost. The LUT number is not stored on the invoice, and nothing is filed with ICEGATE.
Questions
Questions about import and export
Something not covered here? Call or WhatsApp us and you'll speak to the people who build the product.
Letters of credit, bills of entry, shipping bills and duty drawback claims, each marked import or export, with its number, date, party, currency, exchange rate and foreign value. Bills of entry carry the customs duty and drawback claims the amount claimed.
Goods value plus freight and insurance gives the assessable value. Basic customs duty is your BCD rate on that, the social welfare surcharge is 10% of the BCD by default, and import IGST is charged on the assessable value plus BCD and surcharge.
No. Import IGST is shown separately as input tax credit you can claim. Only the BCD, surcharge, freight and insurance are spread over the goods and added to their cost.
Raise the invoice for an overseas customer and pick the currency. The exchange rate fills in from the latest rate, and you can change it to the rate you use. The rupee value is worked out from that rate.
Invoices to a customer outside India go to the export table of GSTR-1: without payment of tax, as under LUT or bond, when no IGST is charged, and with payment when it is. GSTR-3B puts them in table 3.1(b) as zero-rated supplies.
No. You file on ICEGATE or through your customs broker as usual. The register keeps the details next to your stock and accounts.
Cost your next consignment before it lands
Start a 14-day free trial, record a bill of entry, cost the goods with duty and freight, and raise a test export invoice. No card needed.
- 14 days free
- BoE and shipping bill register
- Zero-rated export invoices