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Accounting entries on grant of MEIS License and sale thereof, Accounting - Auditing

Issue Id: - 115494
Dated: 5-10-2019
By:- bharat adesara
Accounting entries on grant of MEIS License and sale thereof

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Dear Sir

X co. is exporter and DGFT issued a licence under MEIS schem for import duty.

i.e. X co granted license valued ₹ 100000. and company sold it to y comapany @rs 98000

how this transaction should be recorded in book of X company.

GST is NIL rate am i right?

Please reply at the earliest

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Showing Replies 1 to 1 of 1 Records

1 Dated: 21-5-2020
By:- YAGAY andSUN

₹ 2000/- can be shown as discount. You have to reverse the proportionate ITC, if availed on procurement of MEIS. There is no GST on MEIS.


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