Easy Office
LCI Learning

Treatment of advance received

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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?
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
21 March 2023 Raise bill based on services provided, and not based on advances.
Profile Image

Prapti

Profile Image

Prapti (Querist)
21 March 2023 Okay thank you sir. May I know the effect with regards to GST on this?



Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
21 March 2023 The advance receipt issued would be inclusive of GST.
Profile Image

Prapti

Profile Image

Prapti (Querist)
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?
Profile Image

CA Ankit R Momaya

Profile Image

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

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links