Aparna (accountant) (189 Points)
01 July 2017
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 01 July 2017
any amount recd in furtherance of business it will be taxed , what is the nature of deposit/ any amount from debtors it should again on business relationship only if it employees the status is different ofcourse you are allowed to accept any deposit .
Jeswanth Kumar
(Student CA Final )
(54 Points)
Replied 01 July 2017
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 06 July 2017
Comparision of Pre GST and Post GST scenario
1 ) Advance paid along with order... will be credited to party a/c........................will be taken against the supplies and GST is charged (at the same time when
final invoice is made it is adjusted and balance GST is only paid ( ref GSTR classifications released by Council)
2 ) Own branch transfer......................no tax but exchange of Form F......................but in GST it is IGST is charged and taken as credit in the receiving branch
( that is why GST registration is required under State wise )
3) issue receipt of statutory forms..........Form C / Form H / Form D ( VAT)..............in GST no exchange of forms only pay and take credit ( since the GST law is made on supply theory and till it reaches the consumption state it is taxed and credit taken accordingly - supply chain )
4) VAT/Central Excise/ Service Tax return...........Form 1 / Form 1 / ST 3/ ER 1/etc................only GSTR 1 - 2 -3 with necessary approval of the both buyer and seller which is again supply chain authority)
5) Products code nos /....................................Commodity code........................................HSN ( Harmonised system Nomenclature ) should be mentioned
6) Practice of revised bill / CN & DN....................No allowed at primary entry level..............in should be shown in the GSTR 1 return all
7)REgistered / Un registered supply..................Declare based on turnover.......................to be entered and summed up in the GSTR 1 and pay tax
Dushyant Kumar
(7 Points)
Replied 06 April 2018
what is the treatment if I received an advance in bank a/c of another branch
Dushyant Kumar
(7 Points)
Replied 06 April 2018
this post is only abt Advance gst if anyone knows about this please anwser as soon as posible
Dushyant Kumar
(7 Points)
Replied 06 April 2018
Hey, everyone, I have a Query in GST accounting entry of the advance receipt voucher, How can I treat this in tally ERP 9, and what if I received the money in bank a/c of another branch plz reply asap
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
