Accounting treatment of duty drawback
This query is : Resolved
Irshad Ali
(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.
It is a continuous process ie transactions are on frequent basis.
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
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.
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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