TaxTMI 
TaxTMI 
TaxTMI 
GST on advance received and subsequently the advance is returned
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....ST on advance received and subsequently the advance is returned<br> Query (Issue) Started By: - saravanan rengachary Dated:- 27-10-2017 Last Reply Date:- 7-11-2017 Goods and Services Tax - GST<br>Got 7 Replies<br>GST<br>Please suggest: GST is paid on the advance received from Customer. Subsequently, Customer has cancelled the order and asking us to refund the advance paid. Goods also not suppli....
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....ed. Please suggest how to adjust the GST paid on advance amount. Saravanan. Reply By Rajagopalan Ranganathan: The Reply: Sir, According to Section 31 (d) & (e) of CGST Act, 2017 "a registered person shall, on receipt of advance payment with respect to any supply of goods or services or both, issue a receipt voucher or any other document, containing such particulars as may be prescribed,....
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.... evidencing receipt of such payment. where, on receipt of advance payment with respect to any supply of goods or services or both the registered person issues a receipt voucher, but subsequently no supply is made and no tax invoice is issued in pursuance thereof, the said registered person may issue to the person who had made the payment, a refund voucher against such payment." Rule 50 of C....
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....GST Rules, 2017 prescribes the details to be contained in receipt voucher. Reply By KASTURI SETHI: The Reply: I support the views of Sh.Ranganathan Sir. Reply By saravanan rengachary: The Reply: Sir, Thanks for your time and reply. We can refund the advance back to the customer thru refund voucher. I seek the clarification / guidance for "How to get the tax back from government which wa....
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....s already paid on receipt of advance". Saravanan. Reply By Rajagopalan Ranganathan: The Reply: Sir, You have to file a refund claim in appropriate form. Reply By MARIAPPAN GOVINDARAJAN: The Reply: In my view on filing return GSTR 3 you may get refund at that time. Reply By Ganeshan Kalyani: The Reply: One to one correlation is not required to claim input tax credit. Hence the tax paid....
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.... on advance can be adjusted against GST payable on your outward supplies. Reply By subramanian vijayakumar: The Reply: Experts comments are good I endorsed the views of Ganesan kalyanji<br> Discussion Forum - Knowledge Sharing ....