hi
We have received advanced of rs. 100000 in Feb 2017 and pay the service tax on that amount i'e .18000.(S.Tax.).
and show in our balance sheet as "advanced Received form customer"
Now customer made full and final payment in September 2017 ( 200000)after Service rendered to him.
Total payment received is 300000.
please suggest us what should be invoiced value and GST paid on which amount. and what is the treatment of. advanced Received in feb 2017.
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ADVANCED RECEIVED UNDER SERVICE TAX.
Replies (3)
Invoice value remains 3 lakhs, but GST payable would be over 2 lakhs after adjustment of ST paid advance.
Sir. please also tell me what is the treatment of Service tax paid on adavanced. and how to adjust it.
Amount received prior to 01.07.2017 is to be taxed under the provisions of SERVICE TAX LAW as it existed at the relevant time. Therefore, you need to pay tax on advance amount of Rs. 1,00,000/- under service tax law and remaining Rs. 2,00,000/- need to be taxed under GST provisions. Total invoice value would be Rs. 3,00,000/-
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