One party (lessor) is in business of renting out plots on lease to various parties. The lessor party isssues invoices to the lessees and receives payment against the same. The lessor pays the GST on rent invoices issued. Sometimes the lessee party does not pay the rent bill at all and the lessor has to absorb the amount of GST already paid on unrealised rent income as the GST is payable on accrual basis.
Is there any exception to payment on GST on accrual basis so that the lessor party does not have to sustain the loss of GST paid on unrealised income?
CAclubindia
