Handling old FY invoices for getting the payment from client

You need to issue a fresh tax invoice as on date.

The invoice issued in FY 2122 cannot be reversed and credit note cannot be issued. Hence, the tax charged in 21-22 would become a cost as GST would have already been paid.

Thanks for reply. 
 

we are transport service company working as GTA. We issue RCM based invoices only. 
 

so as per you, we have to issue fresh new invoice in current date. We agree on this. But what about old invoice of FY2122? It is showing pending in our account ledger. How we should handle the fy2122 invoice?

please guide

Thanks for reply. 
 

we are transport service company working as GTA. We issue RCM based invoices only. 
 

so as per you, we have to issue fresh new invoice in current date. We agree on this. But what about old invoice of FY2122? It is showing pending in our account ledger. How we should handle the fy2122 invoice?

please guide

As per me it's not good.

Bcoz, the previous invoice is still outstanding. So, raise new one then its doubled.

So, discuss your management about the old one and new one.

May be you can raise new invoice if You will adjust the previous one in Your own risk like receipt of payment or write off or any other way.
better to discuss with Your Auditor.

You issue a credit note in books and issue a fresh invoice to the customer.

Since its a RCM supply, there would not be any issues for you.

This is well within the law.

I think here  one one need ton consider the following points

1. what about the the debit balance in the Debtors a/c FY22

2. Revenue booked and accounted in FY 22

3. The Co would have paid GST during fy22 on sales

Please raise a DN instead of Invoice , and convince the customer

W/o of the previous year debit balance as bad debt  in current year.

this is my understandings

 

 

Originally posted by : AV Krishnamurthy
	I think here  one one need ton consider the following points 1. what about the the debit balance in the Debtors a/c FY22 2. Revenue booked and accounted in FY 22 3. The Co would have paid GST during fy22 on sales Please raise a DN instead of Invoice , and convince the customer W/o of the previous year debit balance as bad debt  in current year. this is my understandings

Yes, You are correct.

That's why I said.

First tell me have ur client paid rcm amount by filing gstr-3b.

I think the company had not paid the RCM Liability. That's why they are asking for cancellation of Invoice. But if you raise invoice in the please Financial Debit Note on the basis of Price difference not normal invoice. Write off the FY 21-22 invoices as Bad Debt.

Regards,

Sagar