GST on Advance, Goods and Services Tax - GST

[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,

Posts / Replies

[Spudarjunan S]

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 September 2020.

Section 37(3) proviso and 39(9) proviso r/w circular 26/2017

[Spudarjunan S]

Interest would be calculated on net cash payable form the date of receipt of such advance till the date of payment of tax.