Refund of Additional duty of Customs
This query is : Resolved
08 April 2008
Hi,
I have the following query:
GOI vide notification ref: https://www.cbec.gov.in/customs/cs-act/notifications/notfns-2k7/cs102-2k7.htm
has announced refund of Additional duty of customs, on meeting certain conditions. Now, i am an importer-trader. I import goods which are liable for Addl duty of customs @ 4%. Should i add this as part of my inventory cost? Or should i treat it as a receivable?
(Please refer the above link for the full text of the notification)
My Doubt i cannot treat this as a receivable, as there is no certainty. I am eligible to file for a refund only on satisfying the given conditions.
Please guide.
Thanks / Vijay
I have the following query:
GOI vide notification ref: https://www.cbec.gov.in/customs/cs-act/notifications/notfns-2k7/cs102-2k7.htm
has announced refund of Additional duty of customs, on meeting certain conditions. Now, i am an importer-trader. I import goods which are liable for Addl duty of customs @ 4%. Should i add this as part of my inventory cost? Or should i treat it as a receivable?
(Please refer the above link for the full text of the notification)
My Doubt i cannot treat this as a receivable, as there is no certainty. I am eligible to file for a refund only on satisfying the given conditions.
Please guide.
Thanks / Vijay
Taranjit Singh
(Expert)
27 September 2009
If this query is still pending then please post it again by updating......Good wishes.....or you can also send me a PM.
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