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TMI BlogDebit note to Foreign supplier by ImporterX X X X Extracts X X X X X X X X Extracts X X X X ..... What would be GST Implication if Importer raise Debit note to Foreign supplier on account of defective material supplied by him? - Reply By KASTURI SETHI - The Reply = The amount recovered through debit note from foreign supplier on account of defective material supplied by him (foreign supplier) is compensation against duty-paid goods. Such compensation is not income (consideration) . In my v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew, GST is not applicable. - Reply By Alkesh Jani - The Reply = Sh. In agreement with the views expressed by Shri Kasturiji Sir, It may be noted that In terms of Section 34 of CGST Act, 2017 , only supplier of goods or services can issue Credit Note/Debit Note. In the instant case, GST Act is not applicable to foreign supplier being a non-taxable territory. - Reply By YAGAY andSUN - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Reply = The copy of Debit Note along with relevant documents need to be submitted to AD (i.e. your banker) for making reduced foreign payments against such imports. - Reply By KASTURI SETHI - The Reply = Yes. Very important point advised by M/s.Yagay and Sun, Sirs. - Reply By JAYANTA BANDYOPADHYAY - The Reply = Instead of using Credit Note, foreign supplier is replacing the defect ite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m with Free of Cost item with a minimum value ( no rational basis) for customs purpose. Is it correct , as there is a suppression of real transaction value -therefore, less customs duty is payable. Additionally, we did not declare about our rejction to Customs-also not returning the defect item abroad- as it is almost scrap Please guide Rgds Jayanta Bandyopadhyay 19/10/2020 - Reply By Ganesh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an Kalyani - The Reply = I agree with the views of the experts. - Reply By YAGAY andSUN - The Reply = In our view, the value of the replaced item needs to be declared correctly to the Customs Department for calculation of Customs Duty and paying it to exchequer. - Debit note to Foreign supplier by Importer - Query Started By: - Hiren Pathak Dated:- 17-10-2020 Goods and Services Tax - GST - Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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