one of my relative is Building Developer. and he received money from their customer in advance but he did not paid any gst on advance receipt and not disclosed in GSTR 1 any information regarding advance receipt.
Is it necessary to give information of advance receipt in GSTR 1. and pay tax on advance receipt.
Is there any consequences of non compliance.
kindly suggest me.
Thanks .
Yes Interest will be charge @ 18%, Ask him deposit the same & show it in his current GSTR1
CAclubindia
