Meis accounting entry

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Dear all,

If any exporter received MEIS Scrip in reward of export from Government then what will be the accounting entry in books for receiving those licence and also its utilization entry by adjustment with custom duty payment and also if sold to any third party ?

Please suggest.

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On 28 February 2019 at 17:36 Report
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Others
149 Points Posted on 09 April 2019

i'm also looking for this answer !

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On 09 April 2019 at 09:42
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D.G.M. COMMERCIAL
24 Points Posted on 11 August 2019
MEIS credit scrip useable (current asset) Dr. To MEIS credit scrip received (indirect income) At the time of import Custom duty dr. To MEIS credit scrip useable at the time of sale of MEIS credit scrip Bank dr. To MEIS credit scrip Debit or credit p & l for profit and loss on sale as the case may be
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On 11 August 2019 at 21:47
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36 Points Posted on 17 February 2021

When should we recognize the revenue, at the time of export or at the time when the scriptt are credited by the government?

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On 17 February 2021 at 16:56

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