advance payment
jhansi (CA Practice ) (50 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 )
(50 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 )
(50 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 )
(50 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.
Recent Topics
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
Related Threads
CAclubindia
