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Issue ID : 115494
- 0 -

Accounting entries on grant of MEIS License and sale thereof

Date 05 Oct 2019
Replies1 Answers
Views 10544 Views
Asked By

Dear Sir

X co. is exporter and DGFT issued a licence under MEIS schem for import duty.

i.e. X co granted license valued ₹ 100000. and company sold it to y comapany @rs 98000

how this transaction should be recorded in book of X company.

GST is NIL rate am i right?

Please reply at the earliest

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Replied on May 21, 2020
1.

₹ 2000/- can be shown as discount. You have to reverse the proportionate ITC, if availed on procurement of MEIS. There is no GST on MEIS.

Old Query - New Comments are closed.

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