My Export invoice is dated 29.03.2021 but shipping bill generated on 02.04.2021. In which year is the duty drawback booked as revenue and why???
Replies (3)
Quick Summary
This discussion clarifies the accounting treatment for duty drawback when an export invoice date (29.03.2021) precedes the shipping bill generation date (02.04.2021). The consensus is that duty drawback should be treated as a contingent asset on the invoice date and recognised as revenue on the shipping bill date, as this is when the entitlement is established, even though the actual receipt is later.
On 29.3.21, Duty Drawback should be treated as contingent assets as it will be received in due date and on 02.04.21 such duty drawback should be shown as revenue as it has been actually received on that date