dutydrawback

This query is : Resolved

bhavin shah (Querist)
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10 August 2010 What treatment in account about following point :
1. Sale of dutydrawback
2. Duty drawback received on account of export of goods fulfillment.

pls. give example or casestudy.

CA SMR

CA SMR (Expert)
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11 August 2010 This is as per my past experience.
Whenever returnable tools are imported which are to be re-exported, duty drawback claim is filed, provided the re-export takes place within 6 months of imports. 85 to 95% claim can be filed and received.
Accounting:
1.On duty payment against returnable tools
Duty vendor Dr 100
To Bank Credit 100
2.Transfer Entry
Duty Drawback Receivable Dr 100
To Duty Vendor 100
3.On receiving Duty Drawback
Bank Dr 85
To Duty Vendor 85
4.Clearance against Duty Drawback Receivable
Duty Vendor Dr 85
Expense Debit 15
To Duty Drawback Receivable 100

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