Credit Note to foreign buyer
This query is : Resolved
27 September 2019
XYZ supplied goods for export without payment of GST under LUT. The customer made the payment against the same at an early date than the stipulated and therefore asked for a reduction in the amount to be paid by him to XYZ. Therefore, XYZ issued a credit note with a description ‘Towards interest cost of early payment’. Is XYZ liable to pay GST under reverse charge on the amount of credit note?
28 September 2019
Not liable to pay GST under reverse as it will be considered as cash discount.
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