Cancellation of invoice

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..... Cancellation of invoice
Query (Issue) Started By: - Nidhi Shah Dated:- 30-3-2020 Last Reply Date:- 24-5-2020 Accounting - Auditing
Got 5 Replies
Companies Law
A company is exporting material ,the sales order value is say 100. Company is sending material partially, and by mistake total invoice value against that order increased then the sales order value. The party will not agree to pa .....

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..... y more...so revision of order is not possible..and the company has L/C against this order. How to correct this problem? Reply By Ganeshan Kalyani: The Reply: Cancell the invoice and generate new invoice with correct value. Reply By Nidhi Shah: The Reply: But material already sent outside country and got certificate of origin and shipping bill as well. How can we revise export invoicing as per .....

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..... GST and export rules ? Reply By KASTURI SETHI: The Reply: You will have to resolve your problem amicably with your buyer. Letter of Credit has to be changed. Otherwise there is no other remedy or option. This is the practical solution. Reply By CSSANJAY MALHOTRA: The Reply: Option of raising Credit Note is available with you. Same can be reported in GSTR-1 at GST Portal also. Reply By YAGAY .....

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..... andSUN: The Reply: Issuance of credit note and amendment in LC are the only corrective measures which can be taken in this matter. Further, if any Export Incentive is required to be reversed, then, please reversed or pay it back along with interest of @ 15% p.a.
Discussion Forum - Knowledge Sharing .....

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