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GST LIABILITY AGAINST ADVANCE RECEIVED FROM CUSTOMERS, Goods and Services Tax - GST |
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GST LIABILITY AGAINST ADVANCE RECEIVED FROM CUSTOMERS |
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Can we adjust GST Liability on advance received from customers against ITC available during the month or we have to make cash payment only like RCM. Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
Sir, You can adjust GST Liability on advance received from customers against ITC available during the month. There is no prohibition against such adjustment in CGST Act, 2017.
Yes. Undoubtedly you can.
You have to issue a bill incorporating the value of transaction with GST and then you adjust the advance payment made and GST in the invoice. Page: 1 Old Query - New Comments are closed. |
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