We have received Rs.100000 advance payment against goods to be sent and invoiced next month after 30 days. whether gst will be calculated on 100000/- i.e. 18000/- @ 18% or shall be considered inclusive of gst like 100000 x 100/118=84746+15254=100000/-
What document shall be issued for this advance payment and gst deposited on the same to purchaser?
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Advance received from party.
Replies (4)
because it is an advance without an invoice, it should be considered inclusive of gst. you can recover the gst paid by you from the party on raising the final invoice.
thanks, shall we have to mention the details of tax paid on advance in final invoice?
The other way is: Pay gst from your own pocket and Debit the party in your accs. for an amount of 100000+Gst deposited by you. Then when you raise the final invoice, show the entire amount of gst with sale value
ok thanks very much sir
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