Items short Received /Returned of Imported Goods
In case where declared values under RCM is received less & shortage subsequently in actual ( the reason being actual quantity short shipped by suppliers while in Custom and his Invoice is with full amount & later on we file claim for short shortage and adjust his account or they return Cash), so we need to make adjustment in column 7?
Secondly goods retured which previously disclosed under RCM, so we also need adjustment in Column?
There is not specific guidance on these matters so many are using their interpretation regarding adjustments for the same. a. Ideally if the customs declared quantity or value differs from the actual, then the customs declaration should be amended accordingly. However many do not take this route as it could be cumbersome and time consuming. Once can make adjustments in Box 7 for such variances however make sure sufficient documentations are retained to provide explanations in the event FTA seeks reasons. In instances where the value declared with Customs is lower than actual there is a risk of the same being taken by the Customs Authority for the underpaid duty. b. Where there is subsequent return of goods which were imported, it doesn't affect the VAT on the initial import that was made. So in my view these should not be adjusted.0 Like