Receipt of payment

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1 Points Joined February 2020
what is meaning of receipt of payment
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On 26 March 2020 at 12:56 Report
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
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)
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On 26 March 2020 at 13:21
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GST Practitioner
55067 Points Joined June 2017
Proof for payment Reced being issue by Recepeint as prescribed in Law
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On 26 March 2020 at 14:02
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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.

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On 26 March 2020 at 18:11
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Chartered Accountant
12739 Points Joined December 2016

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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On 26 March 2020 at 19:31

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