Cancellation of invoice

[Nidhi Shah]

A company is exporting material ,the sales order value is say 100. Company is sending material partially, and by mistake total invoice value against that order increased then the sales order value. The party will not agree to pay more...so revision of order is not possible..and the company has L/C against this order. How to correct this problem?

AI Summary

Company Faces Invoice Overcharge; Solutions Include Amending L/C, New Invoice, or Credit Note Reporting on GST Portal. A company faced an issue where the invoice value for an export order exceeded the sales order value, and the buyer refused to pay the excess. The company has a Letter of Credit (L/C) linked to this order. Solutions proposed include canceling the invoice and issuing a new one, resolving the issue with the buyer, amending the L/C, and issuing a credit note, which can be reported on the GST portal. Additionally, if any export incentives need reversal, they should be repaid with interest.