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advance payment

jhansi (CA Practice ) (55 Points)

30 July 2017

whether we can give advance to supplier and subsequently can we get receipt voucher from them

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6 Replies

SANDEEP JAIN (Tax Consultant) (487 Points)
Replied 30 July 2017

GST applicable on Advance

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jhansi (CA Practice ) (55 Points)
Replied 30 July 2017

if advance given without gst. how to rectify it

SANDEEP JAIN (Tax Consultant) (487 Points)
Replied 30 July 2017

pay RCM

or call back

Gauraksh Malik (Student CA Final ) (78 Points)
Replied 30 July 2017

the amount u given without gst, then the concept of grossing up will be applicable
eg. u gave 112 as advance to supplier bifurcation
value plus gst
100 plus 12

but if u give 100 without gst, by the concept of grossing up it will be deemed as inclusive of gst
eg 100
by grossing up GST= 100/88*12 = 13.63
AND VALUE = 100 - 13.63 = 86.37

jhansi (CA Practice ) (55 Points)
Replied 30 July 2017

thanks . could you please explain when can we take credit, either after we receive final invoice from supplier or subsequent month of advance payment to supplier.

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jhansi (CA Practice ) (55 Points)
Replied 30 July 2017

thanks . could you please explain when can we take credit, either after we receive final invoice from supplier or subsequent month of advance payment to supplier.