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

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.

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