AMOUNT RECIVED INVOICE NOT RAISED

[KERAGODEGOPALARAO ANANTHARAO]

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

[GUNASEKARAN K]

Kindly elaborate you query with following points;

1. Period of Advance payment received

2. Party registered under GST?

[GUNASEKARAN K]

Also mention, whether goods supplied are not?

[KASTURI SETHI]

Dear Querist,

Have you received any letter or notice from the department ?

[Shilpi Jain]

In case it is a taxable supply, then proceed to pay with interest. Interest is automatic.

[KASTURI SETHI]

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 penalty. Only interest will not suffice as per various GST laws.

[Padmanathan KV]

Assuming the supply is taxable and it is already completed, I agree with views of shilpi maam. Better to pay tax along with interest.

[GUNASEKARAN K]

Dear Queriest,

If Goods / Service already delivered but not issued Tax Invoice will impact;

Interest @ 18% for non payment 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 and pay through Form DRC-03

[Ganeshan Kalyani]

If the mistake is genuine and not with wrong intention then proceed with payment of tax and interest.

[GUNASEKARAN K]

Yes, Tax with Interest payable voluntary basis.

AI Summary

Party Misses Tax Invoice on Sale Proceeds; Ready to Pay with Interest. Advice Sought on GST Registration, Penalties. A discussion on a forum addresses a situation where a party received sale proceeds but failed to issue a tax invoice, discovered during finalization. The party is ready to pay the tax with interest and seeks advice. Respondents suggest clarifying details like the period of payment and whether the party is registered under GST. They emphasize the necessity of issuing a tax invoice and note that non-compliance could result in penalties. The general consensus is to pay the tax with interest, potentially avoiding penalties if the oversight was unintentional.