GST refund of advances refunded

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Chartered Accountant
182 Points Posted on 08 June 2020

Suppose we received an advance agst supply of service in Dec 2017 and paid GST thereon.
Now the deal is cancelled in May 2020 and we shall repay whole amt to customer.
Can we reverse GST and reduce our output liability??

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On 08 June 2020 at 16:33 Report
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Quick Summary
If you received an advance payment for services back in December 2017 and paid GST on it, but the deal has since been cancelled, you may be able to reverse the GST. According to CGST Act Rule 51, you can reduce your output tax liability by issuing a refund voucher. Ensure you maintain proper documentation to support this reversal.

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602 Points Posted on 08 June 2020
You have to reverse your ITC in next month and if you file nil return than also claim through GST RED-01.
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On 08 June 2020 at 17:12
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8 Points Posted on 08 June 2020
No we can't reverse gst
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On 08 June 2020 at 17:39
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GST Practitioner
55067 Points Posted on 09 June 2020
Yes you can reduce your Output Tax by Issuing Refund Voucher as prescribed in Rule 51 of CGST Act .
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On 09 June 2020 at 00:18
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4215 Points Posted on 09 June 2020
Yes you can reduce the same but you should maintain the proper evidence
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On 09 June 2020 at 09:00

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