GST ON OTHER INCOME

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45 Points Posted on 13 December 2020
we have received advance for booking of 1,05,000/- including 5% GST(GST NOT PAID ON ADVANCE) now we are refunded 100,000/- remaining 5000/- how we show in books and GST and income tax related info
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On 13 December 2020 at 14:31 Report
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This discussion addresses how to handle GST on advance payments when a booking is partially refunded. The user received an advance of £1,05,000 including 5% GST, but only refunded £1,00,000 due to a lockdown cancellation. The key questions revolve around the correct accounting treatment for the remaining £5,000, including how to show it in the books and its implications for GST and income tax, especially after issuing receipt and payment vouchers.

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GST Practitioner & Accounts
15146 Points Posted on 13 December 2020

1) Why  you  refunded the amount ? what  is the reason ?. 

2) Have you  issued  receipt  voucher  on receipt  of Advance payment ? 

3) Have you  issued  payment  voucher  on  Advance  refund  ?. 

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On 13 December 2020 at 17:04
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45 Points Posted on 13 December 2020
Due to lock down cancelled,
issued receipt and payment voucher
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On 13 December 2020 at 17:48

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