one of my relative is Building Developer. and he received money from their customer in advance but he did not paid any gst on advance receipt and not disclosed in GSTR 1 any information regarding advance receipt.
Is it necessary to give information of advance receipt in GSTR 1. and pay tax on advance receipt.
Is there any consequences of non compliance.
kindly suggest me.
Thanks .
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Advance Receipt - Builder
Replies (2)
Yes Interest will be charge @ 18%, Ask him deposit the same & show it in his current GSTR1
yes , in this case taxable event is the time of receipt of advance payment as per section 13 of the CGST Act, 2017.
In addition he need to issue receipt voucher as per section 31 of the CGST act, 2017.
Interest is also payable as per section 50 of the CGST Act, 2017 from the date of receipt of advance payment till the date of deposit of GST
In addition he need to issue receipt voucher as per section 31 of the CGST act, 2017.
Interest is also payable as per section 50 of the CGST Act, 2017 from the date of receipt of advance payment till the date of deposit of GST
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