Dhruv Jain (Practicioner) 09 December 2019
I have paid GST on Advance in the month of receipt and now the Advance has to be returned due to non fulfillment of the contract.
what should be the treatment of the GST paid amount and how can we utilize the Tax paid.
should it be refunded or should be utilized against further output Tax liability.
Also help with the treatment in GSTR1 and GST3B.
S ELAVARASI (ACCOUNTANT) 10 December 2019
In GSTR-1 :
Prepare Payment advice and Use the Voucher number as Document number. Show the same in "8-Adjustment of Advances - 11B(1), 11B(2)".
In GSTR-3B :
Less the Advance Values (Taxable & Tax) in Your current GSTR-3B return.