How to gst tax amount on advance recieved rectified.

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Accountant
204 Points Posted on 30 July 2018

Dear Experts

We have received an amount of 1,00,000 from a customer and it is for our previous year due. But by mistake we have done as advance received from customer and 18% tax on this amount deposited . So now how to rectify the same.

Your early advice needed as tomorrow is the due date for filing GSTR-1

Thanks & Regards

Gupta

 

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On 30 July 2018 at 14:58 Report
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"Do the Right Thing...!!!"
77792 Points Posted on 30 July 2018
If You are not utilize the payments then it's very simple...


Boca, The amount in cash Ledger as your balance. You can utilize in your next return's liabilities.
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On 30 July 2018 at 15:46
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Accountant
204 Points Posted on 30 July 2018

That I know but how to reverse in GSTR-1 ?

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On 30 July 2018 at 16:04
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"Do the Right Thing...!!!"
77792 Points Posted on 30 July 2018
Are You filed the Details with GSTR 1...?
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On 30 July 2018 at 16:12
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11239 Points Posted on 30 July 2018
No option to reverse in GSTR1.
Either you can make ammendents.
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On 30 July 2018 at 18:00
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Accountant
204 Points Posted on 30 July 2018

Yes I have filled the details of GSTR-1 details,

If I reduce our tax liability in next month means in Aug-18 in GSTR-3B and keep GSTR-1 as it is  -- what happen? Will department send any notice etc ?

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On 30 July 2018 at 20:52

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