DUTYDRAWBACK, Accounting - Auditing

[S.C. WADHWA]

A Ltd. Co. made export sales in Financial Year 2013-14. Total 9 Invoices were raised. It is in receipt
of duty drawback in respect of such export sales. It received duty drawback in respect of certain
invoices in Financial Year 2013-14 and in respect of certain invoices received in Financial Year 2014-15.
Query is ::
The amount received as duty drawback in F.Y. 2014-15 in respect of invoices raised in F.Y. 2013-14
will be treated as income in F.Y. 2014-15 or will be booked as income recoverable in F.Y. 2013-14.

Posts / Replies

[PAWAN KUMAR]

As per my view, income earned as duty drawback on export during 2013-14 is to be booked during 2013-14 irrespective of duty drawback actually received from department during 2014-15. The same would be booked as per the shipping bill generated because the shipping bill contains the amount of duty drawback sanctioned.