Input tax on advance paid
NAVEEN (Sr.ACCOUNTANT) (261 Points)
07 July 2017
If a buyer had made advance for a supply whether he will be elegiable of input tax on advance
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 07 July 2017
Any doubt? .... provided gst paid over it.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 July 2017
No.... He ll be take ITC on the suplly of Goods/Services
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 07 July 2017
He will be eligible for ITC if he complies with ITC conditions...
He must be in possession of goods....he must have invoices etc..
He must be in possession of goods....he must have invoices etc..
NAVEEN
(Sr.ACCOUNTANT)
(261 Points)
Replied 07 July 2017
it is mandatory to mention tax on receipt voucher issued by the supplier
and tax invoice will also have tax element
is it leads to confucation regarding tax element
and tax invoice will also have tax element
is it leads to confucation regarding tax element
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 July 2017
Yes... It's mandatory on booking of Tax in Advance. And maintain the Vouchers also.
NAVEEN
(Sr.ACCOUNTANT)
(261 Points)
Replied 07 July 2017
how it will get accounted
is it possible to consider tax on advance as advance tax ?
as buyer is elegiable to take input tax credit only on receipt of goods and tax invoice it will be essential to mention the full tax on tax invoice
is it possible to consider tax on advance as advance tax ?
as buyer is elegiable to take input tax credit only on receipt of goods and tax invoice it will be essential to mention the full tax on tax invoice
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