Regarding adjustment of advance

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Senior Accounts Officer
1548 Points Posted on 22 September 2018

SIR WE RECEIVED ADVANCE 4 LAKH IN AUGUST MONTH . SO WE DEPOSIT GST @ 18 % ON IT.

AMOUNT RECEIVED 4 LAKH

GST @ 18 %         = 72000

SIR WHEN I WILL FILL GSTR 1 OR 3B MONTH OF AUGUST THAN I WILL SHOW IT AS GST ON ADVANCE IN SPECEFIED COLOUMN. BUT SIR HOW I WILL ADJUST THESE AMOUNT ??????

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On 22 September 2018 at 14:39 Report
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Student
3193 Points Posted on 22 September 2018
https://cleartax.in/s/advance-received-under-gst


Go through the article please
2 Reply
On 22 September 2018 at 15:28
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138 Points Posted on 22 September 2018
is advance received against supply of goods or supply of services ??
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On 22 September 2018 at 16:17
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GST Practitioner
55067 Points Posted on 22 September 2018
when you will issue the bill against adavnce reced. in next month, in GSTR 1 you will adjust it in 11B

In 3B , : suppose you raise bill for 5lac in sept month against adavance 4 lac , you will deposit tax on 1 lac & show only 1lac taxable supply in 3B (Because 4 lac has been shown in aug.month 3b)
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On 22 September 2018 at 17:23
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Senior Accounts Officer
1548 Points Posted on 22 September 2018
for service I think advance will be applicable. This is for goods and my turnover is above 1.5 crore. Advance will not be applicable turn over upto 1.5 crore as per notification no 40/2017 october 2017 for goods only
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On 22 September 2018 at 18:47
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GST Practitioner
55067 Points Posted on 22 September 2018

dear rajive

you are correct but you have not mention in query that you have reced the advance towards service & also mention that on 4lac u have deposited gst.

 

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On 22 September 2018 at 19:37
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Senior Accounts Officer
1548 Points Posted on 22 September 2018
No sir I did not receive advance against Service. I received advance against goods supply
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On 22 September 2018 at 20:06

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