GST on Advance

[Ashiesh Prremji]

Dear Sir,

Please suggest if advance received & liability adjustment against such advances not shown in GST Returns filed up to Feb 20 for FY 19-20, whether we can show it in March GSTR 1 in Table 11A of Amended Advance Tax Liability & accordingly Amended Advance adjustment in Table 11B for related month ? If not, then how to report such transactions in GST Returns ?

Another one, after above adjustment still some advance not exhausted up to March, whether we need to show in March 20 GSTR-1 & pay GST on the same ?

Last one, How we need to compute interest liability for the same ??

I would be grateful if could suggest me.

Thank You,

AI Summary

Amendments for FY 19-20 GST advances allowed until September 2020; interest on net cash from receipt date. A user inquired about reporting and adjusting advances received and not shown in GST returns for FY 19-20. They asked if these could be amended in March GSTR-1 and how to handle unexhausted advances by March 2020. A respondent advised that amendments can be made in subsequent GST returns and adjustments for FY 19-20 can continue until the September 2020 return. They also clarified that interest should be calculated on the net cash payable from the date of advance receipt to the tax payment date.