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.
Ridhi Dhoot (Accountant) (25 Points)
04 September 2017We 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.
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 04 September 2017
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
mahendra sahoo
(Gst Practicion)
(700 Points)
Replied 04 September 2017
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 05 September 2017
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.
mahendra sahoo
(Gst Practicion)
(700 Points)
Replied 14 September 2017
mahendra sahoo
(Gst Practicion)
(700 Points)
Replied 30 September 2017
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