we received a order of 20 lakh from a party in July 2017..
party made a 380000 advance payment ....
RS 180000 sale made by us .......
after that party refuse to take delivery of next orders...
we already purchased some raw materials for that order...
now we have 200k in the name of particular party....
we don't make any adjustments till now of that amount....
we received that payment on 13-11-17 and on 15-11-2017
govt via notification removed GST on advance.
now my questions is
1- can we liable to pay GSt on that advance
2- how can we treat that amount in our balance sheet
and loss occured by us
1. No
2. 2 lac as advance from customer
(loses, ????? It will treated as cl stock)
CAclubindia
