Supplementary invoice against material transfer
This query is : Resolved
12 November 2013
Dear,
I need to understand the implication of supplementary invoice when issued against material transfer.
For eg: i have transferred goods worth 10000 to my depot on 1 jan after paying excise duty.On 5th jan, rates for those goods are revised. Now i need to issue supplementary invoice for revision in prices only.
Is it a legal practice in first Instance.Please guide.and if yes, Kindly tell the procedure for it
I need to understand the implication of supplementary invoice when issued against material transfer.
For eg: i have transferred goods worth 10000 to my depot on 1 jan after paying excise duty.On 5th jan, rates for those goods are revised. Now i need to issue supplementary invoice for revision in prices only.
Is it a legal practice in first Instance.Please guide.and if yes, Kindly tell the procedure for it
Arun Kumar Singh
(Expert)
12 November 2013
Assessee may have to pay differential duty as his assessment was provisional or he got price escalation from buyer later or duty was short paid through mistake or for any other reason. Often buyer grants price rise after negotiations etc. with retrospective effect. in such cases differential duty is paid by way of supplementary invoice at a later date.
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