advance payment
jhansi (CA Practice ) (55 Points)
30 July 2017
whether we can give advance to supplier and subsequently can we get receipt voucher from them
6 Replies
jhansi
(CA Practice )
(55 Points)
Replied 30 July 2017
if advance given without gst. how to rectify it
Gauraksh Malik
(Student CA Final )
(78 Points)
Replied 30 July 2017
the amount u given without gst, then the concept of grossing up will be applicable
eg. u gave 112 as advance to supplier bifurcation
value plus gst
100 plus 12
but if u give 100 without gst, by the concept of grossing up it will be deemed as inclusive of gst
eg 100
by grossing up GST= 100/88*12 = 13.63
AND VALUE = 100 - 13.63 = 86.37
eg. u gave 112 as advance to supplier bifurcation
value plus gst
100 plus 12
but if u give 100 without gst, by the concept of grossing up it will be deemed as inclusive of gst
eg 100
by grossing up GST= 100/88*12 = 13.63
AND VALUE = 100 - 13.63 = 86.37
jhansi
(CA Practice )
(55 Points)
Replied 30 July 2017
thanks . could you please explain when can we take credit, either after we receive final invoice from supplier or subsequent month of advance payment to supplier.
jhansi
(CA Practice )
(55 Points)
Replied 30 July 2017
thanks . could you please explain when can we take credit, either after we receive final invoice from supplier or subsequent month of advance payment to supplier.
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