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tax on advance
tax on advance received in oct can be paid now?
Replies (11)
Yes, you can pay the GST and give effect of the same accordingly in GSTR-3B and GSTR -1.
but interest & penalty
| Originally posted by : harshal Upadhyay | ||
 |
tax on advance received in oct can be paid now? |  |
Please tell me the Advance receipts against supply of Goods or Service...?
yes, interest is to be paid @ 18%
Sir we are providing job work service & for job worker der no exemptions for Gst on advances m I right ? & how can we pay and show tax, interest & late fees of oct month now ? in gstr 3b and gstr 1. out we have filed gstr 3b up to Dec month & going to file gstr 3b of jan in 2-3 days. we r filing gstr 1 quarterly.
There is no GST on advance payment received in case of goods w.e.f. 15-11-2017. The advance received can be added to the sales of January and you can show the the advance received in GSTR-1 in quarter 4. You have to pay the same along with interest and as you would have declared the liability suo moto there will is no concealment so penalty may not be levied.
But the advance reced oct.17 ,
Our gstr 3b of January is still pending shall I pay with interest in gstr 3b
The advance received can be added to the sales of January and you can show the the advance received in GSTR-1 in quarter 4. You have to pay the same along with interest and as you would have declared the liability suo moto there will is no concealment so penalty may not be levied.
means I have to pay interst from oct to till date in gstr 3b of January & in gstr 1 of last quarter I can show it as advance received right?
For Advance received in Oct, the GST should have been paid by 20th Nov. So you have to calculate the interest from 20th Nov till the date of payment, irreseptive of the Month in which you show the advance in GSTR-3B.Kindly note that payment will be counted only when you offset the liability.
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