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

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.