Depb/license entries
This query is : Resolved
10 December 2013
Hello Experts,
we are importers and traders....I want to know, we are using DEPB/License to Pay our duty during import....So i want to know how to pass DEPB entries in Book. Because When we purchasing DEPB their is Vat on it..But it is not our stock.it is our current assents. But if we want to take credit of vat we have to show it under purchase...and if we want to sale it sometime we have to put it to under sales..generally it is not our stock.
if we want to put it on our under stock and during import if we want to use it then how to pass entries, so it will disappear or consumed?
we are importers and traders....I want to know, we are using DEPB/License to Pay our duty during import....So i want to know how to pass DEPB entries in Book. Because When we purchasing DEPB their is Vat on it..But it is not our stock.it is our current assents. But if we want to take credit of vat we have to show it under purchase...and if we want to sale it sometime we have to put it to under sales..generally it is not our stock.
if we want to put it on our under stock and during import if we want to use it then how to pass entries, so it will disappear or consumed?
13 December 2013
DEPB Receivable (Current Asset)
To Raw Material consumption account. (P&L A/c.)
( On Basis of export done during the period)
DEPB Received A/c.(Current Asset)
To DEPB Receivable
(On receipt of license from DGFT)
Raw Material consumption account
To DEPB Received account
(On Utilisation of DEPB Credit).
login for more info:
https://220.227.161.86/11109p635-637.pdf
To Raw Material consumption account. (P&L A/c.)
( On Basis of export done during the period)
DEPB Received A/c.(Current Asset)
To DEPB Receivable
(On receipt of license from DGFT)
Raw Material consumption account
To DEPB Received account
(On Utilisation of DEPB Credit).
login for more info:
https://220.227.161.86/11109p635-637.pdf
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING ITR FILING QUESTION
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
