We manufacture our chemical products in third party facilities as we do not have our own.
- During the manufacturing process the waste generated in sold to appropriate buyers identified by us and a credit note is raised by the third party manufacturer (external manufacturer) for the billed amount excluding GST, that is a Finaicial Credit note.
- Where the manufacturer spends money out of his pocket for some sundry transportation or consumables he raises a Debit Note on us which excludes the GST. That is a Finaicial Debit note.
The manufacturer is now insisting that they have been asked by their auditor to raise a GST credit or debit note only instead of a Financial Crefit or Debit Note. We feel that a Finanancial Credit or Debit note is sufficient.
We seek clarifications from experts in this forum on whether Financial Credit / Debit Note is acceptable.
CAclubindia
