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Advance receipt
what are the provision for advance receipt from party under gst?
Replies (5)
If you receive advance from a customer, and not settled in the same month, then you have to pay GST on the same.
If you received advance for Supplies of Item A. Its under 18% tax head. Then you calculate tax rate for the advance and pay to Govt as on date
If party not perform any transaction and want his money back....then???
Hi,
If you return amount to same account, you can claim the tax amount. (Within Six Months)
https://www.accounts4tutorials.com
https://www.facebook.com/accounts4tutorials
Also you can prepare payment voucher and ll be revise your tax....
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