Sir
pl advise on below:
Company has forfeited advance received from its client due to order cancelled by client. The same is being shown in P and L under the head of Income from other sources. GST is applicable on billing which will not be done in this case. pl correct me if wrong.
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Advance forfeited
Replies (4)
GST is applicable for the Advance forfeited amount of the client @ 18%. It doesn't matter whether you are billing or not.
Sir
Company is not a service industry. pl reconfirm
Company is not a service industry. pl reconfirm
Yes GST will be applicable since it won't be considered as deposit because it has been forfeited for failure to comply with the obligation.
Sir Interest will also be applicable for delayed payment of GST @ 18%PA. So don't pay in cash, if you have balance in credit ledger, pay it. So you can avoid interest.
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