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Advance Receipts
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?
Replies (5)
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.
Sorry Upasana Gupta but my doubt has not been cleared
dear kunal,
toy might have received a purchase order breed on which you could decide and pay..
natarajan
toy might have received a purchase order breed on which you could decide and pay..
natarajan
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....
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....
If Rate is not known apply 18% rate
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