Treatment of advance received

This query is : Resolved

Prapti (Querist)
Follow

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

Dhirajlal Rambhia (Expert)
Follow

21 March 2023 Raise bill based on services provided, and not based on advances.

Prapti

Prapti (Querist)
Follow

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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

21 March 2023 The advance receipt issued would be inclusive of GST.

Prapti

Prapti (Querist)
Follow

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

CA Ankit R Momaya (Expert)
Follow

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

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

Lalan Kumar Jha

Kamaljeet Kaur

Navneet Pratap Singh

RATI MALU

jayaraman

Subscribe Now

Treatment of 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