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?
4 Replies
namit
(zz)
(225 Points)
Replied 26 July 2017
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.
Ankush Kumar
(233 Points)
Replied 26 July 2017
thanks, shall we have to mention the details of tax paid on advance in final invoice?
namit
(zz)
(225 Points)
Replied 26 July 2017
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
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