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Advance received under gst

Others 352 views 5 replies

Ridhi Dhoot

Accountant

25 Points Posted on 04 September 2017

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.

Replies (5)

Piyush Tanwar

Assistant Manager - Accounts

1432 Points Posted on 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

702 Points Posted on 04 September 2017

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?

Piyush Tanwar

Assistant Manager - Accounts

1432 Points Posted on 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

702 Points Posted on 14 September 2017

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

mahendra sahoo

Gst Practicion

702 Points Posted on 30 September 2017

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