I sale to mr X 50000 on credit and issue tax invoices against sale and I paid 9000 igst on sale.mr X not payment till date.
1.whether any time limits of received payment against invoice of sale ?
2.what I do subsequently, if sale is cancelled and what are the treatment is required for it ?
3.in which case I can revert the amount of output tax liability ?
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reverse of output liability
Replies (4)
1. As per GST 180 days...
(But, As per my view it's not possible in the Business view)
2. If Sale is cancelled then You ll prepare Credit note and Show the details in your GSTR 1 return. Also reverse the Tax in GSTR 3B...
3. You can reverse the Tax for above said way. Also reverse some of other cases like Debit note from Customers, Wrong available if ITC...
(But, As per my view it's not possible in the Business view)
2. If Sale is cancelled then You ll prepare Credit note and Show the details in your GSTR 1 return. Also reverse the Tax in GSTR 3B...
3. You can reverse the Tax for above said way. Also reverse some of other cases like Debit note from Customers, Wrong available if ITC...
U need not have to worry , if your client does not pay you with in 180 days he has reverse his ITC with interest of @ 24%
everywhere its mentioned that the buyer has to show it in his return and reverse it in his books but what about the seller who has deposited the gst and he has not recd the payment. he is the one who is suffering , not the govt. who have already recd the tax fron the seller and still seller doesnt seem to have any benefit. seller should be entitled for interest and instead govt is charging interest
Dear Sir,
My client 2018-19 GSTR1& 3B filled inJan-2020 ,With penalty,liability & interest around total 7.50/- L ,in case situation is from company is hold the payment for my client Rs - 5.98/- the reasons for late return filled after Sept 2019/-.in case this client bear the loss two time,please give the solution.
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