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Treatment of GST on advance paid now returned back.


Dhruv Jain (Practicioner)     09 December 2019

Dhruv Jain
Practicioner 
 4 likes  115 points

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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.

avater

VISHAL JAIN   09 December 2019

VISHAL JAIN

 4 likes  88 points

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Please explain contract is for service or for goods?

avater

RAJA P M ("Do the Right Thing...!!!")     09 December 2019

RAJA P M
"Do the Right Thing...!!!" 
 8405 likes  114779 points

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@ Mr Dhruv.,

Show the Advance repaid document & amount in GSTR 1 return...

Less the value in GSTR 3B return...

1 Like

S ELAVARASI (ACCOUNTANT)     10 December 2019

S ELAVARASI
ACCOUNTANT 
 264 likes  2902 points

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Mr Dhruv,

 

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.

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VIKAS SAINI   11 December 2019

VIKAS SAINI

 40 likes  1114 points

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Only refund file against refunded amounts to customer

avater

Pankaj Rawat (GST Practitioner)     14 December 2019

Pankaj Rawat
GST Practitioner 
 3511 likes  47534 points

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Agree with reply by Mr. S Elavarasi


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