I have received advance in July.
But the supply of product will be done in November month.
Sale bill for the same will be made in November.
I have paid gst on the advance amount in return of July month itself.
In which month should i take itc on advance amt..? in next month i.e. august or in month of November. ?
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Advance recieved
Replies (4)
when invoice is made the tax paid on advance need to be adjusted ...
Ok
Thank You
Thank You
I think you need to elaborate your question. What i have understood is that you are supplier of goods/services and you have received advance and paid the GST as applicable on the same. Where is the question of ITC availability to you? The ITC has to be availed by the recipient of goods/services and not you. He will avail the same as and when you will issue the taxable invoice to him.
Advance received is from end consumers and not registered dealers.
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