Question ID : 38101

FINANCIAL CREDIT NOTE AGAINST THE SALE BILL

Sir, We are involved in Construction Company and we have raised a escalation Bill of Rs.29L in the period March'2018 (FIN Year 2017-18) and client has found that some excess value charged in the calculation and has passed only Rs.17L and accordingly payment were release to us in the month of Dec'2018 (FIN Year 2018-19).Kindly confirm that can we raise Financial credit note for the difference amount or is there any other process or any implication for differences amount in the IND AS.

I will try to answer you question from GST prospective . Financial Credit note is correct solution to rectify the issue under the GST and it should be duly acknowledge by the Client as well.