TMI BlogGST on Debit NoteX X X X Extracts X X X X X X X X Extracts X X X X ..... XYZ Ltd. are procuring material from local supplier against advance license invalidation letter. XYZ are getting benefits from supplier against invalidation viz. 1) Cash discount for immediate paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent 2) Invalidation benefit of ₹ 4.5 per kg 3) Rate difference between PO rate and Market rate as on date of supply (This can be receivable or payable). XYZ will be issuing Debit Note t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the supplier for getting these benefits. Is XYZ required to pay GST on the debit note amount? - Reply By YAGAY andSUN - The Reply = In GST Regime, supplier of the goods/service is authorized to i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue Credit/Debit Notes to the Customer. Please check the provision. If your suppliers charge GST on Debit Note then you have to pay it. on point 1 No GST is applicable. On point no. 2 3 GST can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be charged by your supplier. - Reply By Ganeshan Kalyani - The Reply = Sir, the benefits as mentioned in points 1, 2 3 corresponds to original supply. So, to adjust the supply the supplier will i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue credit note to the buyer. The supplier can issue credit note with GST or without GST. If he raises credit note with GST, he has to fulfill certain conditions. Thanks. - GST on Debit Note - Quer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Started By: - Kaustubh Karandikar Dated:- 13-6-2020 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Managem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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