Treatment for advance receipt and payment of tax
This query is : Resolved
10 August 2017
I want to know the following:
Suppose we have received an advance from our customer in the month of July'17 and we have not made any supplies in July17,
I understand that we have to pay the GST on the advance received in July'17.
Now in Aug'17, we came to know that we don't have to make any supplies against the advance received due to cancellation of order.
My question is how to get refund of the amount of tax/GST paid on advance received in July'17 or can we adjust the GST paid on this advance with our other liabilities.
Suppose we have received an advance from our customer in the month of July'17 and we have not made any supplies in July17,
I understand that we have to pay the GST on the advance received in July'17.
Now in Aug'17, we came to know that we don't have to make any supplies against the advance received due to cancellation of order.
My question is how to get refund of the amount of tax/GST paid on advance received in July'17 or can we adjust the GST paid on this advance with our other liabilities.
10 August 2017
refund is NOT given.
You can adjust the same, if possible, in subsequent returns.
You can adjust the same, if possible, in subsequent returns.
10 August 2017
Please elaborate more!!!!!!!!!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST ON DAMAGED GOODS
- Taxation on LTCG for property sold after 24JUL2024
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
