Commercial Invoice :- -Document required by customs to
determine true value of the imported goods, for assessment
of duties and taxes. A commercial invoice (in addition to
other information), must identify the buyer and seller, and
clearly indicate the (1) date and terms of sale, (2)
quantity, weight and/or volume of the shipment, (3) type of
packaging, (4) complete description of goods, (5) unit value
and total value, and (6) insurance, shipping and other
charges (as applicable)
In this 3 states/ parties are involved during the
transportation of goods. And as per the state tax laws, upon
entering each state, a central tax of 2% for each is state
is payable. However if the goods are redirected or endorsed
to a different party then to avoid multiple taxation, this
sale in transit is applied.
Retail invoice is the invoice which is used when the goods
are purchased in retail form from the stores which includes
discription, quantity, rate, discount every thing will be
mentioned including of tax.
Tax invoice is the invoice in which all the tax detailes are
commercial invoice is the general invoice which is prepared
by all the companies.
E-1 invoice is the invoice which is used by the parties from
different states used during transportation to avoid
If A car in Name of company got damaged. and total amount of
its repairing is 15,000/- and insurance company give me
10,000/- of it. Balance amount we paid through bank or cash
.Then What is the entry for this in books.Kindly mention
Ledgers with their respective Group Head.