Treatment of advance received
This query is : Resolved
Quick Summary
21 March 2023
If the payment is received from the client on advance basis in March, rendering of services will take place in the month of April. Is it okay to raise a bill in the next month when actual services will be provided? Or it needs to raise by this month since the amount was received in this month?
Dhirajlal Rambhia
(Expert)
21 March 2023
Raise bill based on services provided, and not based on advances.
21 March 2023
Okay thank you sir. May I know the effect with regards to GST on this?
Dhirajlal Rambhia
(Expert)
21 March 2023
The advance receipt issued would be inclusive of GST.
21 March 2023
If we need to file GST at the time of advances received. Then how can we reverse it in the billing month?
CA Ankit R Momaya
(Expert)
21 March 2023
There is An Option of Adjustment of Advances in Form GSTR-1. You can Disclose the said Amount There.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
