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
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
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