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Clause 16 of 3cd
My question is whether the Refund of Special Additional Duty which is not credited in profit&loss account but it is showing as Balance sheet items(SAD Receivable) to be reported in clause 16(b) of 3cd. Accounting Treatment of SAD as follows;
Journals:
1. Commissioner of Custom(All elements of Custom Duty including SAD) Dr
To Bank a/c
2. BED (CENVAT CREDIT) a/c Dr
Purchase a/c Dr
SAD Receivable a/c Dr
To Commissioner of Customs a/c
3. Bank a/c Dr
To SAD Receivable (Asset)
Replies (1)
Treatment should be same as VAT credit in my opinion
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