ADJUSTMENT OF GST BILLS OF LAST YEAR

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student
221 Points Joined July 2010

A supplier received an advance payment of 20 lakh, but they have not issued any invoices until March 2024.
                                
                                
                             Is it okay to create invoices with backdated March 2024 dates?
                                
                                
                             Can we include these invoices in the current month's GST return?
                                
                                
                             Will the limit of 50000 for Eway bills impact this adjustment?
                                
                                
                            

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On 21 September 2024 at 14:08 Report
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Master in Accounts & high court Advocate
9157 Points Joined December 2011

It is generally not recommended to create backdated invoices, as it may be considered a violation of accounting and tax regulations. In India, the GST council has specific guidelines for invoice dating and reporting. In this scenario: 1. Invoice dating: Create invoices with the current date (September 2024) or the date when the services were actually provided, not backdated to March 2024. 2. GST Return: Include the invoices in the current month's GST return (September 2024). 3. E-way bills: The limit of 50,000 INR for e-way bills does not impact this scenario, as e-way bills are required for goods transportation, not services. , as GST regulations can be complex and subject to change. Additionally, consider the following: - Ensure compliance with GST invoice rules and reporting requirements. - Verify if any interest or penalty applies for delayed invoicing. - Consult the supplier and customer to ensure mutual agreement on invoice dates and amounts. - Maintain accurate records and documentation for tax audits and compliance.

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On 21 September 2024 at 15:28
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27942 Points Joined May 2017
Last year bils to be adjusted
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On 22 September 2024 at 11:44


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