Export License
This query is : Resolved
17 June 2011
Hey All,
I have one query....
One Company has taken License with DGFT for which they have to do certain amount of Export in 3 years i.e. 36 Months, on which they have made import purchase on which custom duty payable is duty free.
now my query is that this company has not paid any custom duty till 31.03.2011 on import purchase and i am finalising audit of that company, so whether i have to pass any provision entry for future liability if that export obligation is not meet.
I have one query....
One Company has taken License with DGFT for which they have to do certain amount of Export in 3 years i.e. 36 Months, on which they have made import purchase on which custom duty payable is duty free.
now my query is that this company has not paid any custom duty till 31.03.2011 on import purchase and i am finalising audit of that company, so whether i have to pass any provision entry for future liability if that export obligation is not meet.
17 June 2011
if they have not fulfilled the E.O. will be liable to impose penalty Foreign Trade (Development and Regulation) Act, 1992
17 June 2011
thanks for that reply, i know that at the end of third year they not fulfiled export obligation they have to pay penalties, but what about current year whether any provision entry should be passed in our books of accounts or it is like a contingent liability
please reply
please reply
17 June 2011
AFTER EXAMINE I CAN REPLY IF U POST LICENCE IN FORUM PORTAL..
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