Goods and Services Tax

Debit Note for Exports with payment

GST – Started By: – Manish Gadia – Dated:- 9-1-2019 Last Replied Date:- 11-1-2019 – ABC Enterprises has not obtained LUT and are exporting goods with payment of IGST. During the month of October 2018 they have exported goods on which IGST was duly discharged and returns (GSTR-1 & GSTR-3B) where filed accordingly. Data from GST Portal is transmitted to ICEGATE portal for processing of IGST Refund. Thereafter in the month of December 2018 they came to know that they have forgotten to charge some amount in the invoice raised. Accordingly they have to raise a Debit Note for such amount. Now what is the recourse available to them? 1. Should they pay IGST on the amount of Debit Note? 2. If no, why? 3. If yes, how will they get refund of IGST

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By KASTURI SETHI – The Reply = Dear Querist, In my view, valuation figures mentioned in shipping bill must match with other related docs including books of amount otherwise it will amount to misdeclaration. Earlier there was a time when receipt of foreign exchange (BRC) was sufficient to be accepted as proof of export but now a days there are so many factors to constitute proof of export. BRC is no more accepted as proof of export. It has become optional. Moreover, receipt of additional amount on account of export proceeds is also a sort of transaction.Pl note that Govt. is very strict regarding undervaluation or overvaluation whether it is home consumption or export purpose. How to go ahead it is up to you. – Discussion-Forum – Knowledge S

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