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Liquidated damage, debit note in foreign trade

JAYANTA KUMAR BANDYOPADHYAY (professional service) (293 Points)

26 August 2021  

Foreign supplier raises debit note towards liquidated damage for delayed supply and commissioning at Indian site,,outside letter of credit.

As Indian importer, what compliance obligation to discharge besides GST liability etc.

Please guide

Jayanta Bandyopadhyay

Howrah

26.8.21

21


 3 Replies

Rajkumar Patel (602 Points)
Replied 26 August 2021

I think so it is account as importation services and you will have pay gst on such services under RCM.

Sravan Reddy G (Ca_Articalship) (575 Points)
Replied 26 August 2021

RCM is applicable

CA Altamush Zafar (GST Consultant) (10951 Points)
Replied 27 August 2021

RCM for import of service will be applicable @ 18%


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