banner_ad

Is issuance of Credit Note and Debit Note a two way process?

ITC / Input 273 views 1 replies

I am working for a state PSU and it is liable for deducting TDS on GST  @ 2% and the remaining 16% is released to the supplier.

It has come to our notice that in one of the tax invoices excess quantity of an item was supplied and billed which was not in accordance with the contract of supply and as such we have requested the supplier to issue a Credit Note for the excess quantity supplied.

Now, in this situation, I want clarification if I am required to issue a corresponding Debit Note for the Credit Note to be issued by the supplier and is it a two-way procedure to be followed by both supplier and recipient.

Replies (1)
I .If you want to deal the transaction in accordance with the actual Contract of supply , you can generate a debit note for the execess Quantity with showing reasonable covering Letter , because your firm is a psu .

2. you can demand a New Invoice showing the actual Quantity as per your contract and.

if you have any future supply for the same goods , then you can also demand one delivery note for the excess supply of goods already supplied .

Excess supply of goods can be adjusted in the future supply.

3.payment should be considered as per the new Invoice of the actual Quty of goods.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details