I am a manufacturer of Machines. As we receive some advance payment from our customer. On receipt of advance we have to issue Receipt voucher mentioning advance payment and tax details. Please confirm while supply the material shall we make invoice on full value or Balance value (after deducting advance)
Ex. Suppose I receive a order of a machine Rs. 10,000,00/- and i receive advance Rs. 2,00,000/-. I issue receipt voucher to the customer of Rs. 2,000,00/- + GST 36,000/- (18%) = Total Rs. 2,36,000./-.
At the time of supply of material shall I make Tax invoice Rs. 10,000,00+1,80,000/- GST = 11,80,000/- OR 8,00,000/- + GST 1,44,000=9,44,000/- please suggest.
Regards,
Ratnesh Kumar Rai
CAclubindia
