Dear Sir/Mam, I am registered under GST. I have also given a shop on rent to tenant. Query- If I pay tax on Tax Invoice issued to tenant for the month of April, in July, then whether i will be required to pay Interest on the GST collected ??
2) If yes, at what rate ??
chirag111 Asked question July 4, 2020
Although rental invoice need to be issued as per rent agreement. If agreement mandates for monthly payment of rental then invoice of April needs to be issued by May (tax deposit in June) and prima facie interest would apply if invoice is issued in July (tax paid in August).However you can claim benefit of Notif No. 51/2020-Ct dated 24.06.2020.
Team Clearmytax.in
Frah Saeed Changed status to publish July 5, 2020