Suppose i sale goods of rs 100000 with 5 percent gst total amount receable is 105000 but the party pay rs 120000 ,105000 for current sale and rs 15000 as advance for next sale then what will be treatment of rs 15000
thanx
sidhigiri (Ipcc) (236 Points)
19 July 2017thanx
upasana gupta
(Finance Professional)
(3931 Points)
Replied 20 July 2017
if anyone paid advance before the supply of goods or services will have to pay GST on it. Ex. If a person has given order for buying stationery amounting to Rs. 10 Lakhs and gave advance of Rs. 5 Lakhs, then he have to pay GST on that advance to the supplier at that time only.
ANKIT RISHI
(109 Points)
Replied 20 July 2017
CAclubindia
