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 payment 2) Invalidation benefit of Rs. 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 to the supplier for getting these benefits. Is XYZ required to pay GST on the debit note amount?
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GST on Debit Note
Replies (2)
Yes. if activity is taxable supply, xyz Ltd is liable to pay gst on debit note issued to the supplier.
Yes Xyz required to pay GST on the debit note amount
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