Advance receipt

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15 Points Posted on 11 July 2017
what are the provision for advance receipt from party under gst?
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On 11 July 2017 at 16:08 Report
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Manager-Accounts & GST Consultant
5124 Points Posted on 11 July 2017

If you receive advance from a customer, and not settled in the same month, then you have to pay GST on the same.

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On 11 July 2017 at 16:35
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"Do the Right Thing...!!!"
128157 Points Posted on 11 July 2017

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

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On 11 July 2017 at 16:35
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15 Points Posted on 11 July 2017
If party not perform any transaction and want his money back....then???
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On 11 July 2017 at 22:17
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Finance Manager
239 Points Posted on 11 July 2017

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

 

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On 11 July 2017 at 22:46
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"Do the Right Thing...!!!"
128157 Points Posted on 11 July 2017
Also you can prepare payment voucher and ll be revise your tax....
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On 11 July 2017 at 23:03

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