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GST ON ROYALTY INCOME
If the person receives the Royalty income before the GST registration and then he registered. Can the person be liable to raise the GST tax invoice of that income and the payer is liable to receive the GST input credit for the same.
Replies (7)
Quick Summary
Gst registration
raise bill
raise bill
Can they raise bills against the income received before registration
If the royalty exceeds Rs.20 lacs, then the person was supposed to register under GST and pay GST. If not paid, then it should now raise invoice, pay GST along with interest. The recipient would be able to take credit to the extent used by him for his taxable supplies.
Can the person raise the invoice of rs 20 lakhs which he received before GST registration
Revised invoice can issue
Yes. Upto 20 lacs (provided there was no other billing in that year) can be issued without taking GST registration. Balance to be billed with GST and GST to be paid to the government.
GST registration is not required for turnover up to INR 20 lakh. However, it becomes mandatory to register for GST once the turnover exceeds this threshold, after always issue GST Invoices.
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