Advance rec’d was only mentioned in GSTR1 of Aug. 2017 but no tax liability paid.
Oct 2017: tax liability paid only on the remaining amount ( supply in this tax period) and invoice value was also of the remaining amount not the full amount.
Now in March: Paid the tax liability of this Aug. ‘17 advance recd in GSTR 3B of March'18. In GSTR 1 of March'18 what shd I do? I have amended the invoice of October 2017 to show the full amount and now which tile should I use to show advance adjusted?
Should I mention this in 11A- Amended Tax Liability ( since I paid the tax on the Aug. advance in this month) or in 11B - Amendment of Adjustment of advances?
Asked 4 months ago in GST from Mumbai, Maharashtra
I think you need to amend the invoice with full amount and put advance figure in adjustment of advances. After all this reconcile all the figures with GSTR 3B of March 18. If it doesn't reconcile then we will find out more.
Also, since I have paid tax liability now in March'18 on the advance received in August'17 (when it was still in force. I believe tax liability on advance received is done away with in the November notification) how much interest is due. How should I pay this interest because i just added this liability in the GSTR 3B of this month without the interest. Should this interest be paid in the 3B of April and by adding the amount in the interest column or how else?
Thank you for replying,
Asked 4 months ago
You need to pay interest @18% from September 17 till March 18.
you have to pay interest on delay payment of tax in the month of April GSTR3B and also have to make reconciliation of the same which will help you at the time of filling annual return.
interest liable to pay is upto march.
Thank you for your responses but I needed answers to very specific questions such as the following:
Should I mention this in 11A- Amended Tax Liability ( since I paid the tax on the Aug'17 advance received, in March'18 GSTR 3B) or in 11B - Amendment of Adjustment of advances, of the March GSTR1 which I am ready to file today? That is, which tile represents the previous advance received has now been adjusted and even the tax liability for it has now been paid. This is my main query.
What Mr. Vivek has answered is available on the internet too. If you could not miss answering this specific question, only then is the query solved else it's money spent and still no answer.
Also as in Mr. Lalit's answer how is the reconciliation to be made? Could you please elaborate?
Could I have one more comprehensive reply please.
Asked 4 months ago
Enter the full invoice amount in tile 9A (Amended B2B invoices) and for advance enter the amount in 11B (Adjustment of advances). This is the only specific answer. If still you are in doubt you can call me on 7060029944.
It is advisable to get in touch with consultant in person ,well versed with GST laws.
You may want to consult a professional face to face so that your queries are resolved as per your satisfaction.