Home Forum Goods and Services Tax - GST Month 6 2020 2020 (6) This
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export order canceled compensation received gst treatment - Goods and Services Tax - GSTExtract Dear Sir We had received export order, against the order we procured the raw material and started processing the raw material, now the buyer wants to cancel the order because of covid and ready to compensate the loss on material procured. we have availed ITC credit, we will be receiving the compensation in foreign currency. kindly advice how to treat under GST a) compensation received for cancellation of export order b) ITC credit availed till date c) the final product can be exported to third party in future please advice
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