Mobilization advance
This query is : Resolved
Rahul sharma
(Querist)
05 September 2019
Please anyone can tell me about accounting treatment and GST provision related to receiving mobilization Advance from client .
In short what is account entry of mobilization advance received and what about GST provision should i pay Tax or not if yes then how can i adjust paid tax when tax invoice issued
In short what is account entry of mobilization advance received and what about GST provision should i pay Tax or not if yes then how can i adjust paid tax when tax invoice issued
CA R SEETHARAMAN
(Expert)
05 September 2019
Keep the mobilization advances under advances and pass adjustment entry whenever invoice is issued for work done/goods supplied. GST applicable on such advance received for service. Yes adjust.
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