Please confirm the below. Do we have to pay GST on advances received in mulitple times in 3 or 4 months for wedding in hotel. I am working in Hotel. Here, Wedding group books n number of Rooms and Restaurant for Wedding and they pay advances for booking . If we have to pay GST on advances then what is basis for calculation of GST. Sometimes there is major changes all the time and while preparing final bill there is always variance between final bill and GST paid on advances. Please guide.
12 February 2020
Whenever you received an advance , Pay GST at the applicable rate of services against which advance has been received. At the time of the final settlement, issued a tax invoice and adjust advance received and GST paid thereon.
12 February 2020
Yes. You are right. It is really complicated and difficult to maintain accounts like this. But as per the GST Act, this need to be followed
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