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Accounting of duty drawback

satya (article) (45 Points)

31 January 2013

Hi.

May i know whether there is any expert opinion on accounting treatment for duty drawback?

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8 Replies

Anusha Kondapani (SAP Business ByDesign Consultant) (624 Points)
Replied 07 February 2013

Duty drawback receivable a/c Dr

To P&L a/c Cr

(On being export of DBK eligilble goods )

Duty drawback received a/c Dr

To Duty drawback receivable a/c Cr

(On receipt of DBK )

1 Like

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Vinay Jaswal (2 Points)
Replied 11 August 2016

sir plzzz suggest duty draw back entries ....plzzz

Himavanth K.S (Entrepreneur) (142 Points)
Replied 07 May 2017

Hi ,

On Export of Goods (Subject to AS-9)

Duty Drawback receivable A/c (Current Asset)

To Duty drawback A/c (Income)

On Receipt of Duty Drawback

Bank A/c

To Duty Drawback Receivable A/c

1 Like

Raghunath (Audit Manager) (23 Points)
Replied 31 October 2017

@ When invoice for Export is booking in the Books of Accounts:

Duty Draw Back Receivable A/c Dr

To Duty Draw Back ( Revenue ) A/c Cr

( Amount as per Shipping bill be considered and Invoice wise Duty draw back entries shall be passed )

@ on receipt of DDB

Bank A/c Dr

To Duty Draw Back Receivable A/c Dr

vishnu (study plase) (27 Points)
Replied 15 July 2018

i am a merchent exporter. and we are getting drawback from custom . can you please tell me right entry. and can you tell me that as we get drawback that is income taxble or not.

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vishnu (study plase) (27 Points)
Replied 15 July 2018

i am a merchent exporter. and we are getting drawback from custom . can you please tell me right entry. and can you tell me that as we get drawback that is income taxble or not.

my number 9887744007