10 August 2010
What treatment in account about following point : 1. Sale of dutydrawback 2. Duty drawback received on account of export of goods fulfillment.
11 August 2010
This is as per my past experience. Whenever returnable tools are imported which are to be re-exported, duty drawback claim is filed, provided the re-export takes place within 6 months of imports. 85 to 95% claim can be filed and received. Accounting: 1.On duty payment against returnable tools Duty vendor Dr 100 To Bank Credit 100 2.Transfer Entry Duty Drawback Receivable Dr 100 To Duty Vendor 100 3.On receiving Duty Drawback Bank Dr 85 To Duty Vendor 85 4.Clearance against Duty Drawback Receivable Duty Vendor Dr 85 Expense Debit 15 To Duty Drawback Receivable 100
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