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GST on Penalry

This query is : Resolved 
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(Querist)
18 February 2023 Good Afternoon,

There was contract supply of material at agreed price which later on refused by vendor. Now we want to debit the vendor with lumpsum amount of 800000/- towards not supply of material which is under 5% IGST

So how can we treat this?
should we process the entry & book it in miscellaneous income or issue debit note with GST?

Thanks
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CA. Bhavik P. Chudasama

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CA. Bhavik P. Chudasama (Expert)
18 February 2023 Raise Debit Note for better presentation and to avoid Departmental questions
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