Reversal process of mobilisation advance with GST
This query is : Resolved
18 February 2020
We issued work order to one of hiring agency on monthly basis @Rs.8 Lakh excluding GST. We issue mobilisation advance of Rs. 24Lakh plus GST on July'17. Terms of the contract is that if equipment is hired for more then 12month, mobilisation advance with GST will be refunded. Equipment were hired till Apr.'19.He has an outstanding of 28.50 lakh. Now kindly advice how we will collect credit note with GST from the part and how we will account for the same.
18 February 2020
Obtain credit note with GST treating it as discount and adjust against outstanding dues.
18 February 2020
Thanks, But GST credit for F.Y. 2018-19 is possible at now?
18 February 2020
Consider it as current year discount. Discount eligible after 12 months only.
18 February 2020
Party Last working till Apr.'19. If we account for credit note for GST for July '17 against outstanding of Mar.'18 as discount, then reversal of GST credit is possible.
18 February 2020
Raise credit note for current settlement with GST not of July 2017. Discount eligible only after 12 months. So credit against latest billing.
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