28 July 2021
I have a real estate company where 1% gst is applicable. The detail of advances received and amount refunded is as under Advances rcvd 1246000@1% Less refunds 400000@1% received in 2019-20 & 2020-21 . Less refunds 200000@12% received in 2018-19. Balance advances 646000 GstR 1 is showing negative liability if 12 % refund is taken but Gstr 3b is calculating gst on balance figure of 646000@1%. So plz clarify can I get refund of gst paid on advances @12% received in 2018-19. and what will be the best procedure.
CAclubindia
