Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

Advance received under gst

Ridhi Dhoot (Accountant) (25 Points)

04 September 2017

We receive advance on daily basis.For eg. Payment is received on 03.09.2017 and supply is made on 04.09.2017.Do we need to pay gst on such payment received.How to adjust the same on daily basis.

Reply
Follow
Share

5 Replies

Piyush Tanwar (Assistant Manager - Accounts) (1432 Points)
Replied 04 September 2017

No GST will be paid on advances if the invoice has been made in the same month in which advances recieved.

You have to pay GST on invoice raised only.

Thanks & Regards

Piyush Tanwar
Semi Qualified CA

Tax and Audit Professional

Mobile - 9717468521

Upgrade to CAclubindia Pro. Subscribe Now!

mahendra sahoo (Gst Practicion) (700 Points)
Replied 04 September 2017

Suppose we received payment on 25.08.2017 rs 20000, but billed amount on 28.08. 2017. Rs 12500/-. Do we need to pay gst on balance amount of rs 7500/-? How to adjust it in August month return file?

Piyush Tanwar (Assistant Manager - Accounts) (1432 Points)
Replied 05 September 2017

See this could be a situation where you have quoted to the client Rs. 20000/- but billed raised for Rs. 12500/-

You have to pay GST on 7500/- considering it as an advance.

mahendra sahoo (Gst Practicion) (700 Points)
Replied 14 September 2017

If remaining bill amount is pending for 6 months, how to gst amount will be adjusted. In the above case, how much itc claim by my customer

mahendra sahoo (Gst Practicion) (700 Points)
Replied 30 September 2017

Piyush ji,
Reply my query.... If my sale amount is rs 20000 in Jun, but received in July rs 25000, what amount of will be showing in gstr 1, and payment of gst