Hi,
While Import goods in India from other Country, Customs Duty is calculated.
As per the latest change of GST, IGST will be part of Customs Duty calculation.
Actual Customs duty calculation and IGST Calculation is Shown in the table below.
This Calculation is based on Bill of entry given by Customs authority in real transaction.
|
Actual Calculation in Indian Customs Duty Calculation |
|||
|
Sr.No |
Particulars |
Tax Rate |
Amount(INR) |
|
1 |
Assessable Value |
-- |
1000000 |
|
2 |
Basic Customs Duty |
7.50% |
75000 |
|
3 |
Education Cess |
2% |
1500 |
|
4 |
Secondary Education Cess |
1% |
750 |
|
5 |
Subtotal |
-- |
1077250 |
|
6 |
IGST |
18% |
193905 |
|
7 |
Total Amount |
-- |
1271155 |
But, In AX-2012-R3,
IGST is calculated on Assessable Value and not on Sub-total.
You can refer the below table for AX-2012-R3 Calculation.
|
Calculation in Microsoft Dynamics AX-2012-R3 |
|||
|
Sr.No |
Particulars |
Tax Rate |
Amount(INR) |
|
1 |
Assessable Value |
-- |
1000000 |
|
2 |
Basic Customs Duty |
7.50% |
75000 |
|
3 |
Education Cess |
2% |
1500 |
|
4 |
Secondary Education Cess |
1% |
750 |
|
5 |
Subtotal |
-- |
1077250 |
|
6 |
IGST |
18% |
180000 |
|
7 |
Total Amount |
-- |
1257250 |
Is there any setup or configuration is missing by me? Or there is some bug in current version?
We are currently using VERSION-179 for GST, which is latest provided my Microsoft.
NOTE: NO FORMULLA DESIGNER OPTION FOR GST
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