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Input tax on advance paid
If a buyer had made advance for a supply whether he will be elegiable of input tax on advance
Replies (6)
Any doubt? .... provided gst paid over it.
No.... He ll be take ITC on the suplly of Goods/Services
He will be eligible for ITC if he complies with ITC conditions...
He must be in possession of goods....he must have invoices etc..
He must be in possession of goods....he must have invoices etc..
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
and tax invoice will also have tax element
is it leads to confucation regarding tax element
Yes... It's mandatory on booking of Tax in Advance. And maintain the Vouchers also.
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
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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