I did some export sales last year on which I am entitled 1% drawback on FOB basis. Now the application for drawback was made in the current year and it is still pending. So in which year should I treat it as my income?
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Accounting treatment of drawback
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In my opinion the the drawback is related to the export of the product. When the consignmnet has been exported and it become eligible for duty draw back. Hence the consignment exported year itself we have to make provision in the Account Books by crediting under the heading " Duty Drawback Receivable". After receipt of drawback we have to debit the same.
Jeyasingh S
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