I have the following query: GOI vide notification ref: http://www.cbec.gov.in/customs/cs-act/notifications/notfns-2k7/cs102-2k7.htm
has announced refund of Additional duty of customs, on meeting certain conditions. Now, i am an importer-trader. I import goods which are liable for Addl duty of customs @ 4%. Should i add this as part of my inventory cost? Or should i treat it as a receivable? (Please refer the above link for the full text of the notification) My Doubt i cannot treat this as a receivable, as there is no certainty. I am eligible to file for a refund only on satisfying the given conditions.
CAclubindia
