Sad refund
sanjeev sharma (senior Accountant) (36 Points)
28 February 2017sanjeev sharma (senior Accountant) (36 Points)
28 February 2017
CA Shubhanshu Jain
(Partner)
(2200 Points)
Replied 28 February 2017
If SAD Refund is not filed within prescribed time i.e. within 12 months said amount of SAD receivable should be included in cost as the same could not be filed after 12 months.
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 01 March 2017
I presume you had initially debited the 'SAD Refund Receivable A/c' and not 'Purchase A/c'.
If this is the case, then on failure to claim SAD Refund within 1 year, you will no longer be eligible to get the refund.
The accounting entry would hence be [This amount needs to form part of your purchase cost] :
" Purchase - Imports A/c Dr.
To SAD Refund Receivable A/c "
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