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Regarding adjustment of advance

113 views 6 replies

Rajiv

Senior Accounts Officer

1548 Points Joined June 2013

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 ??????

Replies (6)

Rohit Tibrewal

Student

3193 Points Joined February 2011

https://cleartax.in/s/advance-received-under-gst

Go through the article please

Ratan Sarraf

138 Points Joined July 2017

is advance received against supply of goods or supply of services ??

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

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)

Rajiv

Senior Accounts Officer

1548 Points Joined June 2013

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