GST FOR INVOICE NOT PAID
We are facing problem because on many occasion, the invoice raised by us are not paid or partial amount paid.
In such case we one side loose because of part or NO payment, & on the other side we are forced to pay GST in advance.
The above is true for Government & private companies.
We suggest that Government Should consider, payment of GST on receipt of amount.
We await response. more
In such case we one side loose because of part or NO payment, & on the other side we are forced to pay GST in advance.
The above is true for Government & private companies.
We suggest that Government Should consider, payment of GST on receipt of amount.
We await response. more
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View all 6 comments Below 6 comments
To My mind Taxation is calculated based on The Sale & Purchase made by an organisation. Sales for Govt. mean the total Invoices raised during the month will be considered as Monthly sales & likewise whatever Invoices raised by any suppliers to a org. will be considered as Purchase. Nowhere it is stated that sales will be considered once the payment is received in total for the said bill. So GST will has to be paid monthly or quarterly as per the annual turnover of any Org. based on INVOICE generated during that period. Even I am facing this problems. Some retailers doesn't make payment even in 70+ days but the said GST amt. has to be paid to the Govt. I think it is not fare fro the govt to collect tax once the bill payment is received by the party. To develop such software will be challenging & more tough than Software use in RAILWAYS RESERVATION. Thanks. more
Jan 19
If the value of services as agreed on which GST is paid is not received/paid by the receiver of the services would lead to a situation of loss of income and consequential non-taxation of corporate/income tax may lead to certain relief. GST is not a duty of Excise. The term 'Excise' implied a slip or a cut from the total. GST is a 'Tax' on the agreed valuation and not on agreed receipt. more
Jan 09
FOR RUNNING BUSINESS YOU NEED MONEY AND YOU GET CREDIT FROM SUPPLIER IF NOT YOU PAY CASH OR SOME TIME ADVANCE ALSO YOU DONT SAY IF THIS IS NOT SOLD I WILL NOT PAY LIKE GOVT RUN WITH TAX IT IS NOT BUSINESS YOU CAN NOT ASK GOVT FOR THE WRONG YOU DID IN BUSINESS BY NOT GETTING PAYMENT YOU MADE THE SALES YOU ARE OBLIGE TO PAY TAX more
Jan 08
The excess amount of GST paid can be adjusted by showing Credit / Discount against the non-payment portion in subsequent returns. more
Jan 08
In my view the suggestion may not hold justified because the GST is not charged as income tax and hence is not dependent on the receipt of the payment. GST is on the transaction and the transaction is the moment the invoice is raised. It is not dependent on the terms of the payment and hence become payable on the date of the transaction i.e raising the invoice. It s true that we as citizens expected a simplified tax system but the enactors have made it complicated and any complicated is the subjective matter and therefore prone to the corruption. It was merely a political statement to make the public fool when the GST was being labelled as "Good and Sweet Tax" with much fanfare. more
Jan 08
Govt is not concerned with the payment terms and hence GST is not linked to the receipt of the payment. The invoice is the unique document based on which whole issue of GST is based. If it think of linking with the payment then what about trade based on deferred system of payment or EMIs. I feel logistically also there cannot be any monitoring system which can be linked with invoice as well as receipt of payments. May be some good innovative system come up. more
Jan 08
Payment should be deposited to GST only after transaction completed, which means after getting the payment. If one have to block all the money the business is going to affect. more
Jan 08
