Vinay Garg
(Student cum businessman cum professional)
(859 Points)
Replied 05 October 2017
GST Law provides Valuation Rules for calculation. So yes, calculation depends on GST Law.
Statute overrides common sense.
Anything which is mandatory, cannot be made mandatory because of common sense. Law makes it mandatory.
I hope you trust Tally.ERP9, here i am providing you with the link on its treatment as per them. In their example, we are recording advance reciept of Rs.55000.
https://help.tallysolutions.com/docs/te9rel60/Tax_India/gst/advance_rcpt_from_customer_gst.htm?rand=457123617
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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