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DUTYDRAWBACK, Accounting - Auditing

Issue Id: - 106945
Dated: 25-6-2014
By:- S.C. WADHWA
DUTYDRAWBACK

  • Contents
A Ltd. Co. made export sales in Financial Year 2013-14. Total 9 Invoices were raised. It is in receipt
of duty drawback in respect of such export sales. It received duty drawback in respect of certain   
invoices in Financial Year 2013-14 and in respect of certain invoices received in Financial Year 2014-15.
                   
Query is ::                
                   
The amount received as duty drawback in F.Y. 2014-15 in respect of invoices raised in F.Y. 2013-14
will be treated as income in F.Y. 2014-15 or will be booked as income recoverable in F.Y. 2013-14.  

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Showing Replies 1 to 1 of 1 Records

1 Dated: 25-6-2014
By:- PAWAN KUMAR

As per my view, income earned as duty drawback on export during 2013-14 is to be booked during 2013-14 irrespective of duty drawback actually received from department during 2014-15. The same would be booked as per the shipping bill generated because the shipping bill contains the amount of duty drawback sanctioned.


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