Credit note to foreign buyer, Customs - Exim - SEZ

[HASMUKH PATEL]

We Export our good . The foreign buyer found deficiancy in goods and reject it.

If we return it to india , it is costlier for us. We do not want to return it.

Now the issue is that, we can issue credit note to foreign buyer ?

Posts / Replies

[Shilpi Jain]

Credit note can be issued. However please be aware of what has to done from the perspective of FEMA or permissions from RBI since no foreign currency will come into India. Also note that under gst any export benefits will not be available since no consideration will be received.

[HASMUKH PATEL]

Thanks for reply.

As we are export house ( Status Holder) , we can writ off 10% value of previos year export turn over as per RBI/2020-21/77 A.P. (DIR Series) Circular ?