Hai everyone,
I have small doubt about advance payment treatment under GSTR-1.
If suppose Rs. 10,000/-received from A party. in October month. The same amount of Rs. 10,000/- shown in GSTR -1 under advances receipt column and gst paid.
Hence, November month we have raised a invoice to A for amount of Rs.5000/- and adjust of 20% advance for Rs.2000/- net value is 3000/- and we have paid GST for 3000/- basic value against only.
in my doubt is November GSTR-1 return filing time invoice value is shown for Rs. 5000/- ( 100%) value or its only shown 3000/- ( 80%) ?
Advance adjustment is shown is seperatly shown in Section 11(a).
GST liable for advance received for both services or supplies or if only applicable to services?
Kindly advice the same at the earliest.
CAclubindia
