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Receipt of payment
what is meaning of receipt of payment
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Quick Summary
Payments received from Debtors, received Loan amount, received outstanding amount, received any advances...
Simply says amount received from anyone and we give acknowledgement receipt (proof)
Simply says amount received from anyone and we give acknowledgement receipt (proof)
Proof for payment Reced being issue by Recepeint as prescribed in Law
The term receipt of payment is defined in section 12 and 13 of the CGST Act as follows:
“the date of receipt of payment” shall be the date on which the payment is entered in the books of account of the supplier or the date on which the payment is credited to his bank account, whichever is earlier.
receipt of payment in the context of GST
payment is entered in the Books OF Accounts OR
payment credited in the Bank Account
WHICHEVER IS EARLIER .
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