AMOUNT RECIVED INVOICE NOT RAISED

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..... AMOUNT RECIVED INVOICE NOT RAISED
Query (Issue) Started By: - KERAGODEGOPALARAO ANANTHARAO Dated:- 12-8-2023 Last Reply Date:- 16-8-2023 Goods and Services Tax - GST
Got 9 Replies
GST
AMOUNT OF SALE PROCEEDS RECIVED, FAILED TO ISSSUE TAX INVOICE, FOUND AT THE TIME OF FINALISATION, READY TO PAY TAX WITH INTEREST, ANY WAY OUT Reply By GUNASEKARAN K: The Reply: Kindly elaborate you que .....

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..... ry with following points; 1. Period of Advance payment received 2. Party registered under GST? Reply By GUNASEKARAN K: The Reply: Also mention, whether goods supplied are not? Reply By KASTURI SETHI: The Reply: Dear Querist, Have you received any letter or notice from the department ? Reply By Shilpi Jain: The Reply: In case it is a taxable supply, then proceed to pay with interest. Int .....

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..... erest is automatic. Reply By KASTURI SETHI: The Reply: It appears to me that the querist is indifferent because no information asked for has been posted here.. The querist intends to save penalty nothing else. The querist is talking about tax invoice. So the sale proceeds of taxable goods has been received. Non-issuance of tax invoice for taxable goods is a grave offence. It will invite pen .....

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..... alty. Only interest will not suffice as per various GST laws. Reply By Padmanathan Kollengode: The Reply: Assuming the supply is taxable and it is already completed, I agree with views of shilpi maam. Better to pay tax along with interest. Reply By GUNASEKARAN K: The Reply: Dear Queriest, If Goods / Service already delivered but not issued Tax Invoice will impact; Interest @ 18% for non paym .....

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..... ent of Tax Liability and Penalty for non-issuance of invoice: 100% of the tax due or INR 10,000 (whichever is higher) will be imposed for each instance of non-compliance. Better you have to raise the pending invoice (e-Invoice if applicable) in current date and pay the applicable tax in subsequent monthly return. Interest must be calculated from "Time of Supply" to actual payment date .....

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..... and pay through Form DRC-03 Reply By Ganeshan Kalyani: The Reply: If the mistake is genuine and not with wrong intention then proceed with payment of tax and interest. Reply By GUNASEKARAN K: The Reply: Yes, Tax with Interest payable voluntary basis.
Discussion Forum - Knowledge Sharing .....

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