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How is the tax paid on advance payments adjusted against the invoice(s) issued in the subsequent tax period(s)?

QuestionsCategory: GSTHow is the tax paid on advance payments adjusted against the invoice(s) issued in the subsequent tax period(s)?
AayushPareek Staff asked 1 month ago

How is the tax paid on advance payments adjusted against the invoice(s) issued in the subsequent tax period(s)?

1 Answers
RyanJain Staff answered 1 month ago

The taxpayer has to declare the advance that has to be adjusted in the tax period in which advance is received. Subsequently when invoice is issued, then taxpayer can
adjust the tax liability of the invoice issued of that tax period, in the GSTR-1 of that period. This can be shown in the advance adjustment table of GSTR-1.