Refund of Additional duty of customs
This query is : Resolved
08 April 2008
Hi,
I have the following query:
GOI vide notification ref:
http://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.
If i load this with my inventory, Will I not be eligible to claim REFUND because of Principles of Unjust enrichment? (Sec.27 of Customs Act).
Please guide.
Thanks / Vijay
I have the following query:
GOI vide notification ref:
http://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.
If i load this with my inventory, Will I not be eligible to claim REFUND because of Principles of Unjust enrichment? (Sec.27 of Customs Act).
Please guide.
Thanks / Vijay
14 December 2012
Yes, You Cannot Treat It as Part of Inventory.
Since Its Refundable.
Treat It as Current Asset receivable.
Since Its Refundable.
Treat It as Current Asset receivable.
14 December 2012
Read With This Notification.
http://www.cbec.gov.in/customs/cs-circulars/cs-circulars08/circ06-2k8-cus.htm
http://www.cbec.gov.in/customs/cs-circulars/cs-circulars08/circ06-2k8-cus.htm
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