advance payment
whether we can give advance to supplier and subsequently can we get receipt voucher from them
Replies (6)
GST applicable on Advance
if advance given without gst. how to rectify it
pay RCM
or call back
or call back
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
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
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.
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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