ADVANCE SHOW N IN GST

Rules 107 views 1 replies

Note that we are a register (In GST) manufacturing Company , this month(i.e. Jan,22) we gave a Quotation for Modification Charge Purpose to Interstate Party ( Register in Gst) Rs. 94,400.00 (Including GST 18 %) as 60% ADVANCE basis and Interstate Party also paid the ADVANCE rupees (60%) Rs. 56640.00 as per our terms .

 

Now our question is we will shown this Advance Rs. 56640.00 in GSTR1 & GSTR3B Jan,22 return in if yes then please send us procedure and how to adjust next month this amount when Invoice will done because GSTR 3B now create autofill the data……

 

Replies (1)

Yes, you must show the advance received (₹56,640) in both GSTR-1 and GSTR-3B for January 2022, because advance received for supply of services is taxable under GST at the time of receipt — even if the invoice will be raised later.

 


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