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Gst

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(Querist)
06 January 2018 Dear If advance receipt against 18% GST sale is Rs. 100,000/-.
Sir whether advance receipt amount is inclusive of 18% gst. plz advice thnks n advance
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RAJA P M

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RAJA P M (Expert)
06 January 2018 Yes... Inclusive of GST... If you received Rs. 50k and GST rate @ 18% then you ll be pay Tax as Rs. 42373 * 18% = 7627...(IGST or CGST and SGST)
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RONI

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RONI (Querist)
07 January 2018 Respected Sir
Whether below mentioned journal entry required to do for above answer
Bank a/c Dr 50000/-
to Party cr 42373/-
to IGST cr 7627/-
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