advance under gst
This query is : Resolved
15 July 2017
i received 2 lac advance from buyer for 12% item on dtd. 14.07.2017 . but i raised bill on dtd 16.07.2017 amt 300000 + cgst 18000+ 18000 sgst, total bill value 336000/-
reverse charge mechanism is applicable on above case????? pls explained in detail.....
15 July 2017
There is no reverse charge in the example considered by you. though there is requirement to issue advance receipt on advance and adjust the same when you raise the invoice against it.
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