Last year, we had entered into a contract for which some amount was taken in advance. But the contract went in dispute thus we cancelled it and the amount paid in advance was refunded.
What is the liability of gst in our case this year? How to show that refunded amount in books of accounts?
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Cancellation of contract
Replies (3)
Reverse the entry. and take GST credit in computation
what if we have not paid gst over that income yet and refunded that amount after 3 months?
Then normal reverse entry you need to pass
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