What is the difference between Remission and Rebate?
3 Replies
MAS007
(ACCOUNTANT)
(124 Points)
Replied 23 August 2014
Dear Somaas
The difference is that in remittance it is after incurring expense where as rebate isbebefore incurring exp.
Suppose, I need to pay Rs.10000/- as some obligation, then if I get any relief for Rs.1000/- then in remittance I shall pay Rs.10000/- & then I shall get Rs.1000/- back. Whereas in case of rebate, my sum payable would be reduced to Rs.9000/- agt rebate of Rs.1000/-.
Thus this is the difference!
pintu
( Executive)
(174 Points)
Replied 25 September 2014
Remission of duty means duty foregone by excise dept on account of destruction of goods due to fire etc whereas rebate is refund of duty paid on export
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