Amol Patil (24 Points)
02 June 2023I have made supplies in March 23 but party made payment in May 23. So i raised the sales invoice in May 23 but party is saying you need to provide invoice of March 23 as you provided the service in march 23.
So i have updated the invoice date to march 23. Now my question is can i file the March 23 sales invoice in May 23 as financial year is changed?
If yes is there any interest or late fees i need to pay as invoice amount is around 80 lakhs.
Amol Patil
(24 Points)
Replied 02 June 2023
Any specific reason for this? As someone told me that we can file the invoices up to 6 months from issue date.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 03 June 2023
Vijay Shinde
(17 Points)
Replied 03 June 2023
Amol Patil
(24 Points)
Replied 03 June 2023
Please provide some reason or section under which it is prohibited.
Imthias ahamed Kormath
(910 Points)
Replied 03 June 2023
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 04 June 2023
I have already mentioned the section under which you can rectify such omissions.
@ Sabhyasachi
Plz let us not know the section that reply is based on For your kind information in this regard there was circular No.26/26/2017 GST issued giving clarification on such rectification.
@ Dear Amol Patil
You can definitely do so & I have replied with all the relevant sections & circular in this regard.
So do go for the same without any further confusion.
Ajith T S
(CA )
(431 Points)
Replied 07 June 2023
Time of supply of goods is earliest of:
1. Date of issue of invoice
2. Last date on which invoice should have been issued
3. Date of receipt of advance/ payment
You have issued invoice in March 2023. It shall be shown in GSTR-1 and GSTR-3B of March. Payment shall be made accordingly. If you missed out to shown / did not show in GSTR-1, then you may include the same in May 2023. Interest @ 18% will be applicable only if GST liability is not discharged within the due date. But, ITC can be claimed by the recipient only when it is reflected in GSTR-2B and in your case it will be by May 2023
Naveed Munir
(19 Points)
Replied 08 June 2023
In general, it's recommended to issue and file sales invoices in the same accounting period as the transaction took place. This ensures accurate financial reporting and compliance with accounting principles and tax regulations. If you issued a sales invoice on March 23, it would typically be recorded in the accounting period corresponding to March.
However, accounting practices may vary depending on your jurisdiction and specific circumstances. There could be certain exceptions or provisions that allow for adjustments or corrections to be made in subsequent periods. It's best to consult with an accountant or tax professional who is familiar with your local regulations to determine the appropriate course of action in your specific case.
Keep in mind that timely and accurate financial reporting is crucial for maintaining the integrity of your business's records navigation Buoys and complying with tax laws.
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