We are a Star Export House. We have exported some
item to a foreign buyer under two invoices. We have received drawback and service tax refund
on these immediately thereafter. The buyer has defaulted on the payments, being
bankrupt. ECGC of India has settled the claims @ 80 per cent and 90
per cent. We intend to reverse and return the drawback and service tax refund
received by us for these two invoices. Should we reverse and return the entire
amount or only the pro rata amount of the bill settled by ECGC? Can
the claim settled by ECGC be considered for eligibility of export
incentives?
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