If I paid advance to party for purchase in m

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1 Points Posted on 07 August 2025

If I paid advance to party in March 25, and gst bill be generated in April 25. So this payment was consider as income or not

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On 07 August 2025 at 15:00 Report
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If you pay an advance for a purchase in March and the GST bill is generated in April, the payment itself is not considered income in March. Instead, it's treated as an outstanding advance on your balance sheet as of March 31st. The income will be recognised in April when the GST bill is issued.

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SEO Sai Gr. Hosp.
212495 Points Posted on 07 August 2025

No. It will be considered only in April month,

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On 07 August 2025 at 16:27
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Finance Professional
171 Points Posted on 11 August 2025

Advance outsatnding as on 31st march is Balance sheet item.

Hence, not required show as income in P & L report.

 

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On 11 August 2025 at 15:23

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