please tell me the rule as advance received from customer
ARUP KUMAR (JUNIOR) (24 Points)
20 June 2017
please tell me the rule as advance received from customer
1 Replies
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 20 June 2017
As per sec-12 of CGST, taxability arises on the earlier of following:
- Date of issue of invoice by supplier
- Date of receipt of payment by supplier
Therefore, advance received from customer is taxable and GST has to be paid.
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
