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Advance Received
Is Advance received on supply of service is rs 400000 on which gst is Rs.48000 should it be added to outward tax liability and 400000 be added to taxable value in GSTR 3b and should I pay tax while filling 3b and should I file this while filing GSTR 1
Replies (5)
Quick Summary
Advance received on service is liable to pay tax. Advance received shall be reported under the table of "Advance Received". Pay the advance tax liability in GSTR -3b under table 3.1(a)(outward supply).
In GSTR 3B should I include 400000'in taxable value and 48000 in gst liability right?
Yes!! you right
pay tax and show as outward supply in GSTR_3B
please look
https://ckbajpai.com/2020/05/16/what-t-do-when-gst-paid-on-advance-amount-received-but-contract-or-sale-get-cancelled-for-any-reason/
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