Accounts..doubt
Shubham kumar (.) (620 Points)
26 November 2012
what is Duty Drawback? Does it come in trading account? Also, Sale tax come or not?
Shubham kumar (.) (620 Points)
26 November 2012
Vikas Aggarwal
(CA )
(207 Points)
Replied 26 November 2012
Duty drawback is refund of excise duty(in some cases service tax +excise duty +custom duty) paid on raw material used for finished goods which is to be exported
Duty drawback is type of indirect income
Therefore practically this is credited to P&L account not to trading A/C
Q2,According to Accounting standards Sales Tax does not form part of revenue ,Therefore it is not credited to Sales account ,but separately credited to Sales tax payable account,
CFO-HHPL
(Finance Professional)
(33 Points)
Replied 26 November 2012
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