Default in timely issuance of tax invoice, consequences (interest, penalty, prosecution), Compounding and Corrective measures
Brief background: GST law is very specific and settled in terms of issuance of tax invoices on account of supply of goods or services or both and determination of time of supply for discharging of GST liability and implications in case of default in the same w.r.t. interest, penalty, prosecution and compounding of offence reliefs. For the same, please find herewith provisions encapsulating provisions for issuance of a tax invoice and GST liability to be determined according to time of supply provisions for reporting into GST returns, consequences in case of default thereby and compounding provisions.
Source Taxguru
