Advance received against Export of Services

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1244 Points Posted on 16 June 2021
Hello,

Is advance received against Export of Services, having LUT Bond, to be shown in Gstr-1 & Gst-3b?
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On 16 June 2021 at 08:50 Report
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Quick Summary
This discussion clarifies the reporting of advance payments received for exported services when a LUT/Bond is in place. The consensus is that these advances must be declared in GSTR-1 and GSTR-3B. While issuing an invoice for each receipt is recommended for simplicity, the key is to file the invoice itself in the GST returns, rather than specifically detailing the payment received.

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Chartered Accountant
24588 Points Posted on 16 June 2021
Yes it is to be shown
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On 16 June 2021 at 09:10
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GST Consultant
15986 Points Posted on 16 June 2021
Yes, but it is better to issue invoice for each receipt to keep it simple
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On 16 June 2021 at 09:24
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1244 Points Posted on 16 June 2021
Invoice has already been issued but part payment received
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On 16 June 2021 at 09:25
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GST Consultant
15986 Points Posted on 16 June 2021

You have to file the invoice in the return. No need to show payment

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On 16 June 2021 at 11:43
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Chartered Accountant
24588 Points Posted on 16 June 2021
File the invoice
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On 16 June 2021 at 11:48

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