Sudhakar (account operations) (75 Points)
20 March 2020How many days/months can I hold my Invoice without issuing after completion of service.
The payment of the above invoice is unascertainable , as the client is non-complaince to clearing bills on time.
Can I even postpone to next Financial Year ?
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 20 March 2020
Under the GST , invoice shall be issued within 30 days from the completion of service (last date) .
BUT however , invoice can be issued even after completion of service BUT liable for PENALTY
Sudhakar
(account operations)
(75 Points)
Replied 20 March 2020
Thank You Naveen ..
When the due date of payment is not ascertainable.
If I Issue Invoice my GST Liability is increased for the month, and client is claiming expenditure without making payments.
We have prior Bills overdues against the client, which is yet to be receivable.
Its a financial burden to the firm.
what course of action is recommended.
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 20 March 2020
Under GST, in case of taxable supply of services, invoice shall be issued within a period of thirty days from the date of supply of service.
To avoid the non-compliance and penalties, the invoice must be issued within the due period of time.
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 20 March 2020
FROM THE POINT OF VIEW OF RECIPIENT : recipient of service / goods has to pay the invoices (taxable value + gst) within 180 days from the date of supplier ' s invoice
otherwise he has to reverse the ITC of the same and liable for interest .
So here you can only ask to supplier to make payments
you can not defer your GST liability
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