REFUND VOUCHER IN GSTR-1

[UDAYKANT PATHAK]

Sir,

In Real Estate Business Flat advance received on 25th of june 2017 and in GST Regime Flat is cancelled now when refund of Amount to Customer issued vide Refund Voucher how and which table can reflect in GSTR1 ?

[DR.MARIAPPAN GOVINDARAJAN]

No refund voucher; only credit voucher.

[Ganeshan Kalyani]

For transition transaction it will considered as supply. Otherwise refund voucher is correct. Addition to refund voucher credit note is also required.

AI Summary

Credit note versus refund voucher treatment for cancelled property advances; transitional transactions may be treated as supply requiring credit instruments.
For cancelled advances for immovable property, one reply advises issuance of a credit voucher only; another reply states transitional transactions are treated as supply, otherwise a refund voucher is correct, and a credit note may be required in addition to a refund voucher for proper adjustment and reporting in returns such as GSTR-1.