Treatment of advance against Export of services to USA

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Kamal Pal

Dy. Mgr. Accounts

128 Points Joined July 2011

Dear All,

Respected members, I have a query on treatment of Advance received against Export of Services ( ZERO rated supply) without payment of tax under LUT.

We received a remittance in advance in USD from USA against consulting services while booking for Feb 2021 GSTR 1,

1. Should I use Table 11A (TAX liability/advance received) for filing only?

2. And under this table I will choose POS under "97-Other territory" because this advance is against Zero rated supplies (without payment of tax) and will choose 0% interest.

Please advice on the above and anything we should take care on matter, it's an urgent query as return due date for this will be 11th March 2021.

Looking forward to hearing from you.

Regards,

KAMAL

Replies (3)

anil jain

Partner

1072 Points Joined December 2009

You are right Mr Kamal.

Kamal Pal

Dy. Mgr. Accounts

128 Points Joined July 2011

Dear Sir, You replied to my query on 9th March 2021 on which i booked the advance receipt, now a new problem have arrived and project got halted for more then 2 months and finally it got cancelled, now we have to refund back the money to client.
My query here is how we can reverse the advance receipt on GST portal without payment of tax.

Please reply as soon as possible.