advance received from supplier & its accounting treatment

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MOHAMMED ASGAR Bhati (Querist)
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18 September 2017 If i received 200000/- from Registered buyer on dtd 1 aug 2017 against supply of goods. On 28 aug. We cancel deal and returned 2 lac back. What is treatment of above case. Pls explain in detail

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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18 September 2017 Nothing to do as both transaction are in same month. But if you made such transaction from bank then you have to issue receipt voucher at time of receipt of advance & details of advance & its adjustment to be shown in August return.

MOHAMMED ASGAR Bhati

MOHAMMED ASGAR Bhati (Querist)
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18 September 2017 gst will have to charge on advance, after deal cancel have to reverse gst. or nothing to charge on above case. pls explain

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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18 September 2017 You have to charge GST on such advance......

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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18 September 2017 After cancellation you have to reverse such GST.

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