advances received in GST

ankababu (Accountant) (105 Points)

05 September 2017

advances received in gst regime is liability fulfilment in itc adjustment or payment in cash?

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5 Replies

Mahendra Kunku (Deputy Manager(Finance&Accounts)) (42 Points)
Replied 05 September 2017

if you have balance in your credit leader, it will be an adjustment otherwise it will be a cash payment

Manas Das (1431 Points)
Replied 05 September 2017

the liability treated same as outward supply liability

ankababu (Accountant) (105 Points)
Replied 05 September 2017

thanks sir,
we need to upload the tax invoices for advances.
how to create liability?
on gross amount or reverse calculation?

ankababu (Accountant) (105 Points)
Replied 05 September 2017

thanks sir,
we need to upload the tax invoices for advances.
how to create liability?
on gross amount or reverse calculation?

Manas Das (1431 Points)
Replied 05 September 2017

reverse calculation but don't have to report in invoice tab . have a separate series for advance receipt and report in advance receipt tab of gstr1

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