Hi,
I have query regarding the treatment for Recovered advance given by the client for, on time completion of the work, (under construction service).
How to treat the advance recovered in GSTR1 Rated 18% (note: the advance is not only recovered after the completion its recovered during the WIP partly till the final bill settlement, when the invoice is raised) so Gst as been paid during the initial advance amount received, henceforth should I reduce the same in the current month taxable amount and also in the GST3B OUTPUT??
please gudie through if I'm wrong/ is their any alternative way to treat the same.
Thank you,
Harsh.
Menu
How to treat advance recovered by the client under works contract?
Replies (4)
Quick Summary
Show it in advanced received column in GSTR-1.
Pay taxes on it in GSTR-3B by filling it in column 3.1(a)
Okay sir and reduce same when the advance is recovered?
Yes when invoice is made them you will show it in b2b or b2c as the case maybe and also in advance adjusted therefore the net effect will be zero in GSTR-1
In GSTR-3B no payment will have to made since payment already made at the time of receiving advance.
If the final payment is more than advance then GST will have to be paid on the difference amount.
For further details you can mail me.
Thank you sir
Recent Topics :
- Transport agency accounting entry in purchase &
- REGARDING HSN CODE FOR WASHING JOB CHARGES
- Advance Tax Due Date 2026
- Query – Interest on Capital Received by Part
- Query - Section 164(2)(a) – Interpretation o
- Submission for Expert Opinion on Rectification of
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
- Paper 6 - IBS
Related Topics :
CAclubindia
