Foreign supplier will issue Credit Note to settle liquidated damage And payment thru banking channel after import bill payment. Now LD has 18% duty. Who will upload in gstr 1 and 2, as everything thru banking channel. Customs may not come to know. Please guide
Jayanta Bandyopadhyay
5.9.21
No one will upload this Credit Note in GSTR-1. Because the supplier is foreign, it will not auto-populate in your GSTR-2B either. You must handle this transaction manually: report the inward remittance through your AD Bank to clear IDPMS records, and manually reverse any proportional Input Tax Credit (ITC) in Table 4(B) of your GSTR-3B if the value of the imported goods has effectively been reduced.
CCI
Pro
CAclubindia
