What are the provisions and procedures under FEMA, GST and other relevant Laws for Export of goods from India to USA on Consignment basis including sale, return of goods, disposal of defective / rejected goods at discounted or zero value by the agent.
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Export of goods on Consignment basis under FEMA and GST
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Sale- it is not recognised. It could be recognised partially or fully when the consigneee sells the goods as parts or whole.
Warranties- if any are included in the product, account for liabilities for each sale (past expectations % or per unit which ever isn’t your best estimate)
Defected goods- write off inventory and recognise income when amount is recoverable
Return of goods- add back to inventory.
FEMA, GST I’m sure you can find them on google.
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