jassi (ACA) (181 Points)
08 May 2010Hi friends......
1) For booking export sale whether Date of Commercial Invoice OR Shipping Bill OR Bill Of Lading Should be considered ?
2) Whether Nature of Conract ( FOB, C&F , CIF) affects the date to be considered for Revenue recognition ?
Thanks
Ankit CA and CS
(Manager - Accounts)
(204 Points)
Replied 08 May 2010
Recognition of revenue depends upon the policy followed by the company.
Like some company receonises export sale as soon as shipment is done....
and there is no relation of CIF,FOB with date of revenue recognition.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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