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Accounting treatment of duty drawback

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(Querist)
14 August 2011 For an exporter what should be the proper accounting treatment of dutydrawback at the time of claiming and at the time of receving the drawback.

It is a continuous process ie transactions are on frequent basis.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 August 2011 while paying the duty you can account as Duty receivable under current asset and while receiving the duty drawback you can credit that account
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Abrar

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Abrar (Expert)
16 August 2011 An exporter becomes eligible for Duty drawback (DDK)on providing proof of export of goods, manufactured out of duty paid Imported raw materials/goods.

DDK should be accounted as when complete documentary proof i.e Shipping Bill (in which DDK is mentioned) for claiming the same is submitted with customs.
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