Unbilled Revenue - VAT - Reg

[VENKATESH AYYAGARI]

Dear Sir

Is VAT applicable on Unbilled Revenue under Works Contract?

AI Summary

VAT Applies to Unbilled Revenue in Works Contracts; Penalty for Not Issuing Invoice Confirmed. A user inquired whether VAT is applicable on unbilled revenue under a works contract. The response clarified that while failing to issue an invoice can result in a penalty, VAT is indeed applicable in such situations.