Penalty for not posting sales entry in GST for which All advance received are not shown in GST.

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This query is : Resolved

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This discussion covers a property developer who received advance payments for an under-construction property and paid GST on these advances. However, the final sale entry and adjustment with the advances were not made in the GST filings after the property's registration. The query seeks to understand if there are any penalties or interest payable due to this omission, especially since the advances were declared and GST paid.

Sudipta Das

Sudipta Das (Querist)
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17 August 2024 Under construction property sold for 6400000 received money in 3 instalments of 2400000 lakhs, 2000000 lakhs and 2000000 lakhs before the sale deed is registered. All advances are shown in GST and GST was paid. The Property was registered on 17-08-2024 but the sales entry and adjustment with advance is not done after registry. Is there any interest or penalty payable for the same. Sale Date : 17-08-2023. Amendment for rectification will be done in August 2024.

Manish

Manish (Expert)
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18 August 2024 What is the reason for not providing sale entry?

Sudipta Das

Sudipta Das (Querist)
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18 August 2024 Actually it was omitted as the Property developer didn't intimate the accountant that that the registry was done. But all the advances received was duly shown in GST and GST was paid thereof.

Sudipta Das

Sudipta Das (Querist)
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18 August 2024 Sorry the date of registry was 17-08-2023.

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