can tax liability of gst on advance received can be adjusted against input tax credit?
Menu
GST on advance
Replies (8)
Yes. you can pay tax on advance received for supply of service by adjusting the input tax credit balance in your electronic credit ledger.
No....
You can't adjust the Tax Liability (against advance receipts) from Your ITC...
GST payable on advance receipts by Cash payment...
You can't adjust the Tax Liability (against advance receipts) from Your ITC...
GST payable on advance receipts by Cash payment...
Yes, Adjustible.
@ Mr Vipul.,
Can You explain with based on the Query...?
Can You explain with based on the Query...?
Gst on advance will be adjustible through ITC.
Suppose u are a supplier n u get an advance for supply of services to be provided from next month(say 1lac)
u issue a receipt voucher and your output gst liability come Rs.18000.
You have unutilised credit in ur ECL, it'll be utilised for such output liability.
Suppose u are a supplier n u get an advance for supply of services to be provided from next month(say 1lac)
u issue a receipt voucher and your output gst liability come Rs.18000.
You have unutilised credit in ur ECL, it'll be utilised for such output liability.
Yes i agree with Mr. Vipul views. The tax payable on advance is normal output tax liability. The same can be paid either through electronic cash ledger or credit ledger (offset liability table).
Only RCM liability is not possible to pay through credit ledger it has to be paid in cash only.
Yes... I agreed to Both of Your views...
GOOD LUCK...
GOOD LUCK...
I toó agree views of everybody
Recent Topics :
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
Related Topics :
CAclubindia
