Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Sale and purchase date are different?

vinayak c. chavan (CPT passed) (1011 Points)

03 October 2017

We are pvt ltd com based in mumbai. We are selling a product worth rs 3 lacs to one of our customer with invoice dated 30.09.2017 but we have purchased same product on 03.10.2017. Will it be of to book purchase in Oct 2017. Please suggest its impact relating to GST.

Reply
Follow
Share

9 Replies

(Guest)

wrong accounting first purchase done then sales

first comes date of purchase then date of sales

Upgrade to CAclubindia Pro. Subscribe Now!

vinayak c. chavan (CPT passed) (1011 Points)
Replied 03 October 2017

Sir but in our business we most of the time made sales invoice to customer and only after receiving payment we make purchase

g mahesh Mundra (Business and tax consultant) (3296 Points)
Replied 03 October 2017

no need to worry you can show the payment received in advance in gstr1

g mahesh Mundra (Business and tax consultant) (3296 Points)
Replied 03 October 2017

as per GST act supply means payment recieved in advance or bill date or supply of goods whichever is earlier is called as supply in your case bill and payment received in advance so you can show either bill date or advance which ever is earlier

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 03 October 2017

@ g Mahesh.,
The payment receipt date is supplies date then how to sale without material....?!

Your point of view is only onward supplies not to outward...!

Upgrade to CAclubindia Pro. Subscribe Now!

g mahesh Mundra (Business and tax consultant) (3296 Points)
Replied 03 October 2017

in gstr1 part 11A1 you can show the payment recieved in advance without invoice and supply

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 03 October 2017

Hello,
Don't be refer and show and see.....
All are know the payment is advance without made of supplies you know...

Without material how to sale....?