GST
Unbilled revenue and advances in GSTR-9C
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Facts
Unbilled revenue recognised in accounts but not yet invoiced is a reconciliation item. Advances for services attract GST when received, so they can appear in GST turnover before accounting revenue.
Provisions and law
- Rule 80(3), CGST Rules 2017A taxpayer whose aggregate turnover exceeds ₹5 crore files a self-certified reconciliation statement in GSTR-9C along with GSTR-9.
- Sec 31(1), CGST Act 2017A registered person supplying taxable goods or services must issue a tax invoice with the details prescribed.
Analysis
Opening unbilled revenue invoiced in this year is added, and closing unbilled revenue not yet invoiced is deducted. Advances for services received and taxed but not yet earned are added. Goods advances are generally not taxed on receipt. Keep a schedule supporting each figure.
Conclusion
- Get opening and closing unbilled revenue from accounts.
- Get advances received and adjusted during the year.
- Enter each as a reconciliation item.
- Keep a working schedule.
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GSTR-9C reconciliation statement
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