We are engaged in mfg. of transformers and supply to govt. PSU in Rajasthan like JVVNL, AVVNL and JdVVNL. There is a provision in PO placed upon us that even if supply is delayed by 1 day, then there is penalty clause on it.
Now, suppose if we have supplied goods worth 1 Lac and charged GST @ 18% on it, so bill amount is 1,18,000/-. Now, since our supply was delayed, therefore discom made payment of 95,000/- only after deducting penalty.
The question arises here is for the differential amount of bill. i.e. Rs. 23,000/- on which we have paid GST while booking sales but this amount will not be paid by Discom.
Also, we can't issue credit note to them, as they book their purchase on the full amount, i.e. 1,18,000/-
I request experts to please guide on any possible resolution so we don't incur any loss of GST in such cases.
CAclubindia
