Advance
This query is : Open
12 July 2017
Dear Sir,
If the Person running a business & received advance on 5.7.2017 of Rs. 100000/- for Rendering service (or) Sales of goods ,with quotation. In the quotation there is GST category % like 5 % , 12% , 18% ,. . how to calculate the gst output against advance received at the end of the month.
If the Person running a business & received advance on 5.7.2017 of Rs. 100000/- for Rendering service (or) Sales of goods ,with quotation. In the quotation there is GST category % like 5 % , 12% , 18% ,. . how to calculate the gst output against advance received at the end of the month.
12 July 2017
When you receive advance you have to issue receipt voucher adding 18% as IGST(if not known) & thereafter issue tax invoice on rendering services.
13 July 2017
Rashmi Gandhi thank you for your Response.. ok , if i pay the gst output 18% for my 100% advance amount , but in invoice 18 % and have rest of percentage also like 5% & 12 %. so how will its to be adjusted in the return . (if the amount paid 18% under the head & it will be change to 5% head is possible in the return)
13 July 2017
Mr. Vinod.,
Which tax is applicable for your supplies goods....? You are not reply this one...!
But, You said, 5%, 12%, and 18%...
The above said taxes is not on one item. But., You given quotation to Multiple Items. So, You can consider it. The advance amount ll be divided or wholly taxable calculated by yourself....!
If You give quotation for 18% taxable Items, You calculate 18%
If You give quotation for 12% taxable Items, You calculate 12%
If You give quotation for 5% taxable Items, You calculate 5%
If You give quotation for 28% taxable Items, You calculate 28%
If You give quotation include 5%, 12%, 18% taxable Items, You can also calculate 5%, 12%, 18%
Are you understand...?
If not show the quotation. I ll confirm
Which tax is applicable for your supplies goods....? You are not reply this one...!
But, You said, 5%, 12%, and 18%...
The above said taxes is not on one item. But., You given quotation to Multiple Items. So, You can consider it. The advance amount ll be divided or wholly taxable calculated by yourself....!
If You give quotation for 18% taxable Items, You calculate 18%
If You give quotation for 12% taxable Items, You calculate 12%
If You give quotation for 5% taxable Items, You calculate 5%
If You give quotation for 28% taxable Items, You calculate 28%
If You give quotation include 5%, 12%, 18% taxable Items, You can also calculate 5%, 12%, 18%
Are you understand...?
If not show the quotation. I ll confirm
13 July 2017
Its possible that rate may differ from 18% , but when you finalise your bill issue tax invoice & take rest money or refund money
13 July 2017
Its no logic...
Every business man released his money at very very lower.... So, they are not like this way for highest payment then received balance....
Every business man released his money at very very lower.... So, they are not like this way for highest payment then received balance....
13 July 2017
You only have to issue Receipt Voucher compulsorily at the time of receipt of advance.
But details to be filed when actual invoice raised. So you can change tax rate & settle the amount received as advance.
20 July 2017
Dear Raja & Rashmi,
Thank you for your valuable inputs on GST -Advance Receipt. In your valuable commends , I understood still there is no clarity on advance ( there is two possibility . one is pay higher tax rate & Revised at the time of return & Other one is Issue the quotation and calculate the tax proportionally .
Thank you for your valuable inputs on GST -Advance Receipt. In your valuable commends , I understood still there is no clarity on advance ( there is two possibility . one is pay higher tax rate & Revised at the time of return & Other one is Issue the quotation and calculate the tax proportionally .
20 July 2017
There is option in return to adjust tax & amount shown in receipt voucher.
Check template for clear understanding.
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