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

GST on advances: amend subsequent returns to adjust advances within the extended period; interest on net cash payable until tax payment.
Advances omitted from earlier GST returns can be amended and adjusted in subsequent returns within the extended filing cut off; unadjusted advances beyond that period must be reported and taxed in the applicable return. Interest is computed on the net cash payable from receipt of the advance until tax payment.