28 August 2021
If a person received of rs. 35 lac advance amount for 2 order before making invoice to other party. and after 7 days one order cancelled and a person has retransfer of rs. 20 lac to other party, so query is that a person has liable to pay gst on 35lac or 15lac only??
30 August 2021
You need to pay GST on 15 lacs. But if amount refunded back happens in difference month (i.e. not in the month of receipt) then you need to pay GST on 35 lacs in first month then after you need to reverse GST on 20 lacs in next month.
CAclubindia
