Please guide me If we received advance from our customers of Rs.2 Lacs & if We refund Rs.1.50 Lacs, how can we make entry in GSTR-1? Please guide.
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Advance received in july,2017 refund to customer in jan 2018
Replies (4)
In July it will be in Advances total.
In January month you will reverse that much advance amount from total advance received..
In January month you will reverse that much advance amount from total advance received..
BUT IN WHICH WAY? WHERE TO ENTRE IN GSTR1
In GSTR 1 there is separate coloum for Advances.
first of all yoh reveived advance in july means you have to pay tax on RCM basis that time in july you have to show this in gstr 1 column tax on advance
now in month when you refunded then yoh can show it in adjusted advance column
now in month when you refunded then yoh can show it in adjusted advance column
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