If we take advance amount on rent shall we file gst nil return or non nil return?
Ravikiran (Jr accountant) (29 Points)
30 November 2020Ravikiran (Jr accountant) (29 Points)
30 November 2020
Bullseye Advisors
(GST consultants)
(89 Points)
Replied 30 November 2020
On services (including rent), GST is payable on receipt or invoice, whichever is earlier. Hence, on advance GST is payable.
In 3B it has to be shown as regular output tax. In GSTR1, it can be shown under advances and adjusted against invoice in subsequent month.
Receipt voucher has to be raised upon receipt of advance.
Shivam RC
(Student)
(23683 Points)
Replied 30 November 2020
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 30 November 2020
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