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advance licence

This query is : Resolved 
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(Querist)
25 February 2008 we are importing raw material against advance licence and we do export to clear the the export obligation against advance licence. what is the accounting treatement when we are getting benifit of duty against advance licence
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
25 February 2008 The benefit of duty will have to be adjusted against the cost of imports as already opined by the ICAI which appeared in Dec 2004 Chartered Accountant magazine.
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ramesh vadnala

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ramesh vadnala (Querist)
25 February 2008 thank u very much
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