Advance Receipts

Kunal Pansari (Accountant) (1037 Points)

20 July 2017  
Suppose, I deal with items of various GST rates. I receive an advance of Rs. 100000 from a customer but he has not finalized the items for his purchase. Now, as I don't know which tax rate items is to be sold, how do I calculate and pay tax on that advance?