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Advance Receipts

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Accountant
1037 Points Posted on 20 July 2017
Suppose, I deal with items of various GST rates. I receive an advance of Rs. 100000 from a customer but he has not finalized the items for his purchase. Now, as I don't know which tax rate items is to be sold, how do I calculate and pay tax on that advance?
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On 20 July 2017 at 00:25 Report
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Finance Professional
3931 Points Posted on 20 July 2017

 if anyone paid advance before the supply of goods or services will have to pay GST on it. Ex. If a person has given order for buying stationery amounting to Rs. 10 Lakhs and gave advance of Rs. 5 Lakhs, then he have to pay GST on that advance to the supplier at that time only.

36 Reply
On 20 July 2017 at 00:27
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Accountant
1037 Points Posted on 20 July 2017
Sorry Upasana Gupta but my doubt has not been cleared
3 Reply
On 20 July 2017 at 00:33
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SM - Audit & Taxation
156 Points Posted on 20 July 2017
dear kunal,

toy might have received a purchase order breed on which you could decide and pay..

natarajan
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On 20 July 2017 at 01:48
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"Do the Right Thing...!!!"
128147 Points Posted on 20 July 2017
Dear Kunal Pansari...
Why you can get doubt...?! Any confusion for it....? Your are one of the Active Member in CCI....!!!

If you can't finalize the items. You can prepare which is highest rate of item ll supply to customer. At the rate of amount you pay....
463 Reply
On 20 July 2017 at 08:01
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Asst Mgr-Taxation
6918 Points Posted on 20 July 2017

If Rate is not known apply 18% rate 

18 Reply
On 20 July 2017 at 09:59


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