We receive advance on daily basis.For eg. Payment is received on 03.09.2017 and supply is made on 04.09.2017.Do we need to pay gst on such payment received.How to adjust the same on daily basis.
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Advance received under gst
Replies (5)
No GST will be paid on advances if the invoice has been made in the same month in which advances recieved.
You have to pay GST on invoice raised only.
Thanks & Regards
Piyush Tanwar
Semi Qualified CA
Tax and Audit Professional
Mobile - 9717468521
Suppose we received payment on 25.08.2017 rs 20000, but billed amount on 28.08. 2017. Rs 12500/-. Do we need to pay gst on balance amount of rs 7500/-? How to adjust it in August month return file?
See this could be a situation where you have quoted to the client Rs. 20000/- but billed raised for Rs. 12500/-
You have to pay GST on 7500/- considering it as an advance.
If remaining bill amount is pending for 6 months, how to gst amount will be adjusted. In the above case, how much itc claim by my customer
Piyush ji,
Reply my query.... If my sale amount is rs 20000 in Jun, but received in July rs 25000, what amount of will be showing in gstr 1, and payment of gst
Reply my query.... If my sale amount is rs 20000 in Jun, but received in July rs 25000, what amount of will be showing in gstr 1, and payment of gst
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