Hi.
May i know whether there is any expert opinion on accounting treatment for duty drawback?
Anusha Kondapani
(SAP Business ByDesign Consultant)
(624 Points)
Replied 07 February 2013
Hi
Duty drawback receivable a/c Dr
To P&L a/c Cr
(On being export of DBK eligilble goods )
Duty drawback received a/c Dr
To Duty drawback receivable a/c Cr
(On receipt of DBK )
Himavanth K.S
(Entrepreneur)
(142 Points)
Replied 07 May 2017
Hi ,
|
On Export of Goods (Subject to AS-9) |
|
Duty Drawback receivable A/c (Current Asset) |
|
To Duty drawback A/c (Income) |
|
On Receipt of Duty Drawback |
|
Bank A/c |
|
To Duty Drawback Receivable A/c |
Raghunath
(Audit Manager)
(23 Points)
Replied 31 October 2017
@ When invoice for Export is booking in the Books of Accounts:
Duty Draw Back Receivable A/c Dr
To Duty Draw Back ( Revenue ) A/c Cr
( Amount as per Shipping bill be considered and Invoice wise Duty draw back entries shall be passed )
@ on receipt of DDB
Bank A/c Dr
To Duty Draw Back Receivable A/c Dr
vishnu
(study plase)
(27 Points)
Replied 15 July 2018
i am a merchent exporter. and we are getting drawback from custom . can you please tell me right entry. and can you tell me that as we get drawback that is income taxble or not.
vishnu
(study plase)
(27 Points)
Replied 15 July 2018
i am a merchent exporter. and we are getting drawback from custom . can you please tell me right entry. and can you tell me that as we get drawback that is income taxble or not.
my number 9887744007
Asha
(Learning)
(63 Points)
Replied 24 November 2018
hi, i wlould like to know how we know the Duty draw back refund amt earlier?
or we have to pass both Entry at a time or only Receipt entry pls guide
Asha
(Learning)
(63 Points)
Replied 24 November 2018
CAclubindia
