Time of supply when part payment received in advance
vandana0108 (Accountant) (57 Points)
30 April 2017vandana0108 (Accountant) (57 Points)
30 April 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160292 Points)
Replied 30 April 2017
Date of dispatch of the goods, or bill date whichever earlier.
Narayanan
(Superintendent)
(42 Points)
Replied 30 April 2017
chinar
(student)
(43 Points)
Replied 01 May 2017
Madhukar N Hiregange
(Chartered Accountant)
(38934 Points)
Replied 01 May 2017
Good question.
Please read the defintion of consideration and understand the differecne between advance / deposit.
If what you are reciveing is an advance- then GST payable by supplier on receipt of the advance say in your case 50 x 18% = 9
When you supply goods/ services of say 40 then gst payable would be 3.60 . At this point 50% already paid maybe adjusted - 1.80= Amount payable would be 1.80.
Important that recipeint would get credit for 3.60 only on receipt of supply.
vandana0108
(Accountant)
(57 Points)
Replied 01 May 2017
sanjay balande
(Assistant Manager (Accounts & Indirect Taxes))
(103 Points)
Replied 01 May 2017
REF. SECTION 28 OG GST.
THE TIME OF SUPPLY OF GOODS SHALL BE THE EARLIER OF THE FOLLOWING DATES, NAMELY A) THE DATE OF ISSUE OF OF INVOICE BY THE SUPPLIER OR THE LAST DATE ON WHICH HE IS REQUIRED TO ISSUE THE WITH RESPECT TO THE SUPPLY UNDER SECTION 28
B) THE DATE ON WHICH THE SUPPLIER RECEIVES THE PAYMENT WITH RESPECT TO THE SUPPLY.
1)WHEN ADVANCE IS RECEIVED, YOU NEED TO PAY GST ON SUCH ADVANCE RECEIVED. SUPPLY WILL BE SAY AFTER 45 DAYS.
2) INVOICE WIL SHOW FULL TAX PAYABLE. WHILE PAYING TAX, YOU WILL HAVE TO DEDUCT TAX PAID EARLIER ON ADVANCE RECEIVED AND NET TAX WILL BE PAID.
3) NO INPUT TAX CREDIT ON GST PAID ON ADVANCE RECCEIVED FROM THE BUYER.
Indira Ashok Mehta
(2 Points)
Replied 11 June 2017
Sheetal Devaki
(Proprietor)
(171 Points)
Replied 13 June 2017
Ganesh Sharma
(20 Points)
Replied 14 June 2017