one of our client is doing export of scientific goods and falls under EOU category. He has issued export sales bill on 28.03.2019 for export and duly reflected in GST returns. However material has been dispatched from factory on 05.04.2019 therefore e-way bill has also been issued on 05.04.2019..
As per As-9 for recognition of income, can income be recognised for such bill in march 2019 as actually material was lying within the factory itself.
Income from EOU Export Sale to Be Recognized in FY 2019-20 per AS-9 Guidelines A client involved in exporting scientific goods under the EOU category issued an export sales bill on March 28, 2019, which was reflected in their GST returns. However, the goods were dispatched from the factory on April 5, 2019, with the corresponding e-way bill issued on the same date. The query raised was whether the income from this transaction could be recognized in March 2019 under AS-9, given that the goods remained in the factory until April. The response clarified that the income should be accounted for in the financial year 2019-20. (AI Summary)
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