Gst paid on Advance received

This query is : Resolved

DIVYESH JAIN (Querist)
Follow

06 July 2020 Dear Sir,

I have received an Advance of Rs 1 lac from the party in December 2019 for which I issued him a bill and paid the GST. Now in July 2020 I have prepared the bill for the balance amount of 3 lacs and paying gst on it.

My query is that I have issued 1 bill in fy 19-20 and the other bill to the same party in fy 20-21. While taking this into accounts should I consider these bills separately in different financial years or take in one of the financial year. The final amount will be received by the party in July 2020.

Please help me in this matter.

Regards,
Divyesh Jain

CA Anita Bhadra

CA Anita Bhadra (Expert)
Follow

06 July 2020 Take the bill in the current financial year and adjust the advance and GST paid on it.

DIVYESH JAIN

DIVYESH JAIN (Querist)
Follow

06 July 2020 Ok, Thanks a lot madam

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

P.S.Harishankar

Sabareesan S Venkatesh

ANUPAMA L KANT

Moby Mogli

Mitesh

Subscribe Now

Gst paid on Advance received

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA