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GST Annual Return

341 views 4 replies

Debas Maji

Jr. Exe

55 Points Posted on 13 July 2020

Sir/Madam,

I have a client (service provider ) whose gross turnover in the previous year grater than 2.5 crore. We paid in cash (as there is no itc) all the liabilities which shown in gstr 1 monthly basis. But one of debtor have made a payment excess 3 lakhs as advance and I have no information about it. Now when I go to finalize gstr 9, I found rs. 3 lakhs received in excess. My question is how to show this extra 3 lakhs in gstr 9 as there is no invoice has been issued and is he liable to pay gst for that 3 lakhs. please sir suggest.

Replies (4)

CA Sunil Kumar

Chartered Accountant

4524 Points Posted on 13 July 2020

Service provider receiving advance must pay GST on the advance received.So pay GST with interest.

Sachin Pal

75 Points Posted on 13 July 2020

Show as an advance received and show figures in table 4 and pay gst through drc-03

Ashish Gupta

8 Points Posted on 13 July 2020

Fake bill generate

Shivam RC

Student

23693 Points Posted on 13 July 2020

Supply includes transaction "MADE OR AGREED TO BE MADE". Therefore Advance Received is also taxable under GST.

However W.E.F 15th November 2017 ( Notification No. 66/2017 - Central Tax, dated 15.11.2017 ), Advance Received on Supply of Goods is not chargeable to GST. Therefore only Advance Received with respect to Supply of Services attracts GST at the time of receiving such Advance.

Therefore you have to pay GST on Advance Received from the debtor in excess of Rs. 3 lakhs along with Interest @ 18% via Challan DRC-03 from the month when it was credited to your Bank Account ( you need to issue a Receipt Voucher to your Debtor ).