Suppose we received an advance agst supply of service in Dec 2017 and paid GST thereon.
Now the deal is cancelled in May 2020 and we shall repay whole amt to customer.
Can we reverse GST and reduce our output liability??
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GST refund of advances refunded
Replies (4)
You have to reverse your ITC in next month and if you file nil return than also claim through GST RED-01.
No we can't reverse gst
Yes you can reduce your Output Tax by Issuing Refund Voucher as prescribed in Rule 51 of CGST Act .
Yes you can reduce the same but you should maintain the proper evidence
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