I have received Rs 10000 in my account from a registered person as advance which bill will be issued after completion of services in three months.
How much GST have to pay?
Please answer & oblige.
Regards
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Tax on Advance
Replies (2)
Dear Chiranjeev
You have to pay gst on advance. your applicable taxe rate * advance amount is gst amount that needs to be paid
You have to pay gst on advance. your applicable taxe rate * advance amount is gst amount that needs to be paid
You have to pay GST on Advance received for Supply of Services. Issue a Receipt Voucher to the Recipient and collect GST at the applicable rate of the services ( say 18% ).
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