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tax on advance

harshal Upadhyay (103 Points)

19 March 2018

tax on advance received in oct can be paid now?

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11 Replies

CA JIGNESH (PROFESSIONAL) (56 Points)
Replied 19 March 2018

Yes, you can pay the GST and give effect of the same accordingly in GSTR-3B and GSTR -1.

harshal Upadhyay (103 Points)
Replied 19 March 2018

but interest & penalty

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 19 March 2018

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...?

1 Like

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 19 March 2018

yes, interest is to be paid @ 18%

1 Like

harshal Upadhyay (103 Points)
Replied 19 March 2018

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.

CA JIGNESH (PROFESSIONAL) (56 Points)
Replied 19 March 2018

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.

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 20 March 2018

But the advance reced oct.17 ,

1 Like

harshal Upadhyay (103 Points)
Replied 20 March 2018

Our gstr 3b of January is still pending shall I pay with interest in gstr 3b

CA JIGNESH (PROFESSIONAL) (56 Points)
Replied 21 March 2018

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.

harshal Upadhyay (103 Points)
Replied 21 March 2018

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?

CA JIGNESH (PROFESSIONAL) (56 Points)
Replied 21 March 2018

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.