17 November 2017
We are a Manufacturer cum merchant exporter. normally we works on Advance Payment both on domestic or exports.till now GST is applicable on Advance received. but i come to know that GST on advance received is abolished in 23rd GST Council metting. Please let me know whether it is correct or not. If correct please give the reference notification/Circular no.
18 November 2017
When you receive advance, you need to give the “Receipt Voucher” and thats not a tax invoice. When the amount is received in installments, you will have to issue multiple receipt vouchers. The tax invoice will be required to be issued only on receipt of final installment or the when supply is made.
18 November 2017
while issuing receipt voucher do I need to show the tax paid amount? when party can claim the GST on same? at final invoice or regular receipt basis?
18 November 2017
Agreed with the above reply. You need to show GST paid in the receipt voucher so that ITC can be claimed by the person making advance payment.
18 November 2017
At the time of Supply / Making invoice you ll show the details as per the Supply value and Tax...
Filing of GSTR 1 you ll less your liability as per your advance Tax...
19 November 2017
Yes you need to show the GST amount in the receipt voicher. Also, you should note that receipt voucher makes the recipient of advance money (i.e. the supplier of goods/services) liable to pay GST to government but the ITC on the same cannot be claimed by the payers unless the Tax Invoice of the said advances has been issued by the supplier of goods. So, the ITC will be available on the issuing of Tax Invoice which is a pre condition (out of the 12 basic condition) for booking ITC. Hope this helps ....
CAclubindia
