GST on Penalry
This query is : Resolved
Mahesh Vidwans
(Querist)
18 February 2023
Good Afternoon,
There was contract supply of material at agreed price which later on refused by vendor. Now we want to debit the vendor with lumpsum amount of 800000/- towards not supply of material which is under 5% IGST
So how can we treat this?
should we process the entry & book it in miscellaneous income or issue debit note with GST?
Thanks
There was contract supply of material at agreed price which later on refused by vendor. Now we want to debit the vendor with lumpsum amount of 800000/- towards not supply of material which is under 5% IGST
So how can we treat this?
should we process the entry & book it in miscellaneous income or issue debit note with GST?
Thanks
18 February 2023
Raise Debit Note for better presentation and to avoid Departmental questions
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