Advance received query

This query is : Resolved

deepak (Querist)
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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??

deepak

deepak (Querist)
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28 August 2021 Any one please guide us

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 August 2021 GST payable on 15 lacs only.

CA Pradeep Sharma

CA Pradeep Sharma (Expert)
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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.

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