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Duty drawback
Duty drawback can be claimed by the person who have paid import duty on import. It can be claimed within 2 yrs of payment of import duty . So first see that trader is importer .
Export is taking goods out of india and there is nothing specifically mentioned in act that duty drawback cannot be claimed while exporting goods to nepal.
So according to me he can claim duty drawback if he have paid import duty and exported goods within 2 years.
Exporter bought goods from local market . Please explain the procedure which need to be followed to claim drawback.
Please suggest how to Account for Duty Draw Back Received in our Books of Accounts as well as for Income Tax Purpose
You can Debit the Drawback recoverable account while crediting the account of duty drawback A/C ( treated as Income) with the amount of duty drawback as shown in papers. And later when amount is received you can debit the bank account and credit the drawback recoverable account.
Thank you very much Mr.Mohit
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