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Input tax on advance paid

ITC / Input 349 views 6 replies
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Sr.ACCOUNTANT
261 Points Posted on 07 July 2017
If a buyer had made advance for a supply whether he will be elegiable of input tax on advance
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On 07 July 2017 at 19:07 Report
Replies (6)
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SEO Sai Gr. Hosp.
211715 Points Posted on 07 July 2017

Any doubt? .... provided gst paid over it.

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On 07 July 2017 at 19:11
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"Do the Right Thing...!!!"
128152 Points Posted on 07 July 2017

No.... He ll be take ITC on the suplly of Goods/Services

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On 07 July 2017 at 19:14
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Manager-Accounts & GST Consultant
5124 Points Posted on 07 July 2017
He will be eligible for ITC if he complies with ITC conditions...
He must be in possession of goods....he must have invoices etc..
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On 07 July 2017 at 19:15
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Sr.ACCOUNTANT
261 Points Posted on 07 July 2017
it is mandatory to mention tax on receipt voucher issued by the supplier
and tax invoice will also have tax element
is it leads to confucation regarding tax element
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On 07 July 2017 at 19:22
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"Do the Right Thing...!!!"
128152 Points Posted on 07 July 2017

Yes... It's mandatory on booking of Tax in Advance. And maintain the Vouchers also.

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On 07 July 2017 at 19:30
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Sr.ACCOUNTANT
261 Points Posted on 07 July 2017
how it will get accounted
is it possible to consider tax on advance as advance tax ?
as buyer is elegiable to take input tax credit only on receipt of goods and tax invoice it will be essential to mention the full tax on tax invoice
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On 07 July 2017 at 19:42


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