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Gst on advance received
we have received advance from our client but billing will be done after two months. Should we have to show it in Gstr1 when we received advance or after billing done. pls advice. thanks.
Replies (15)
You have to pay tax on Advance Received in GSTR1.
Thank you sir
ex- if you reveived advance 50k in july you have to pay RCM on its by back calculation and u have to show this in gstr 1 july .... after it you sold goods in september you can adjust your last tax (july) in august gstr1 means if you sold goods rate 60k and tax is 5% like cgst 1500 and sgst 1500 in july u already pay tax on value 50k tax. 5% cgst 1190 sgst 1190
in august you have to pay cgst 1500-1190= 310 same amount sgst
hope.its help
in august you have to pay cgst 1500-1190= 310 same amount sgst
hope.its help
Reverse calculation is not mandatorily done. You may calculate tax on 50k directly also. It will be simple to calculate but more blockage of funds.
we have to adjust tax on customer receipt amount so back calculation is mandotary
suppose customer gives 10k in july tax 5% cgst taxable is
suppose customer gives 10k in july tax 5% cgst taxable is
9523 and cgst 476 sgst 476
he cancelled it in august we already pay tax in july when we gives refund to customer its his taxable value not advance amount
he cancelled it in august we already pay tax in july when we gives refund to customer its his taxable value not advance amount
back calculation is mandatory for our books of account and future adjustment ... we have to pay tax from customer amount not from our pocket
I disagree with the mandatory part. Although reverse calculation can be done, but not mandatorily.
its depends on you ... how you manage it but if you want clear books of account then its mendatory
Well. If it is mandatory then there can't be any if. GST Law doesn't make its calculation mandatory. Can you provide me with any reference to GST Law?
now calculation is depend on gst law.... pls use common sense brother ... how u manage tax without taxable value ... if you want to give this tax from your pocket then ok
if you find calculation in gst law we r getting old till then to understand gst
use any accountung software u understand easily
GST Law provides Valuation Rules for calculation. So yes, calculation depends on GST Law. You will find that if common sense to be used, then
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