21 December 2020
Gm sir, We gave our commercial building on rental basis , we collected advance on premise for renovation .this advance amount adjustable in monthly rent .but we raised advance invoice with gst. we uploaded the advance invoice in gstr 1 , but the advance recovery is continuing till next year , we are adjusting the advance amount monthly in our rent and we calculate the gst on balance amount of rent . how can we show the rent advance adjustment in next year . if adjust the advance in our rent , gst tax liability is not matching with our turnover .kindly give your valuable advise ,how to show the recovery in next year thanking you sir,
21 December 2020
There is no problem . You can show recovery of balance advance in next year. Your turnover will not change, only GST liability will change.
22 December 2020
There is no time limit for advance adjustment under GST. For first year the unadjusted advance shall be added to turnover in form 9C for reconciliation as "unadjusted advance in the end of financial year " and reduced in the turnover for second year as "Unadjusted Advances at the beginning of the Financial Year "-reconcile in this method.
CAclubindia
