Advance refunded
This query is : Resolved
29 July 2017
What happens when a person takes an advance of an amount and pays the GST on it. However subsequently there is no supply and the advance is completely refunded. Is there any credit available to any of the parties on such an advance?? If Yes to whom and on basis of which document?
29 July 2017
Yes. We can take reverse on ITC.
Advance receiver ll be pay the tax on advance based advance receipt.
The same The receiver ll repay the amount to Customer in Payment Voucher and claim the tax reverse...
Advance receiver ll be pay the tax on advance based advance receipt.
The same The receiver ll repay the amount to Customer in Payment Voucher and claim the tax reverse...
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