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GST on Advance
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....ST on Advance<br> Query (Issue) Started By: - Ashiesh Prremji Dated:- 19-4-2020 Last Reply Date:- 19-4-2020 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Dear Sir, Please suggest if advance....
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.... 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 & ....
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....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 exhaus....
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....ted 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. Than....
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....k You, Reply By Spudarjunan S: The Reply: Dear Sir, You can amend the same in the subsequent GST returns. Further, you can go on adjusting the transactions of 19-20 till the return for the period ....
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....September 2020. Section 37(3) proviso and 39(9) proviso r/w circular 26/2017 Reply By Spudarjunan S: The Reply: Interest would be calculated on net cash payable form the date of receipt of such adv....
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....ance till the date of payment of tax.<br> Discussion Forum - Knowledge Sharing ....