Sir/Ma'am
My construction business just started back in Early 2017, then i raised a bill dated september the same year after providing the service and confirming the work contract, as the amount was 10L the entitled gst was about 1.8L and being newly organisation i had no funds, cut to i received payment of 3L the other day that to a part of the billing amount(11.8L), what should i do as i am bearing the penalty by each passing day, do i need to pay the whole gst(1.8L) which is not possible, being newly found organisation i would be entitled to bear loss this ongoing financial year, need help !!
Query
a) what are various scenarios i must be sure to face in upcomings days.
b) will the prorate system work in this case, since they gave me 3L payment, will it be ok to pay proportion of gst resulting from 3L
Regards,
Aryan
CAclubindia
