Advance receipt from Customer Under GST in Tally
If anyone paid advance tax before the time of supply of goods or services, will have to pay GST on it as well. Example, if a person has ordered for buying 10 nos of each means total Rs .500000 and gave advance of Rs. 300000 then he/she have to pay GST on that advance payment to the supplier.
Time of supply of Advance receipt under GST
- When supplier received a amount in advance he should issue a receipt voucher to its customer .
- Receipt voucher consist of following details
- Name of supplier,
- GST number,
- unique alphanumeric receipt voucher number of less than 16 characters,
- date of issue,
- name of the person who gave advance,
- his/her address,
- GST number,
- description of goods or services,
- amount of advance,
- rate of GST,
- amount of GST, and
- Signature of supplier, at the time of filing of GST return the details of such receipts are to be mentioned in the return.
- Supplier have to prepare a tax invoice after supplying of goods/ services and deduct the amount of advance received from it. GST will be charged on the remaining amount. For Example, If a supplier supplied computers of Rs. 500,000 and have already received an advance of Rs. 300,000 before 3 months,then he/she have to charge GST on remaining amount of Rs. 200,000 in the tax invoice also. He/she should mention the information about Advance already received in tax invoice.
- After giving the advance to the supplier, the buyer will not get the credit of GST. Whenever, supplier supplies goods or services and gives the tax invoice to the receiver then only he/she gets credit of GST.
Advance Receipt Under GST in Tally
The advance amount received from customers can be recorded in a receipt voucher. The receipt voucher that is marked as an advance receipt, can be printed with the required GST details.
|Stock Item||Price per units||Unis||GST inclusive||Amount|
Received advance form customer Pacific computer Rs 200,000 inclusive 18% Gst form customer which is Intra state receipt
Create the ledger
- Go to gateway of tally >Accounts info > Leger
- Create ledger > pacific computer
- Under >Sundry creditor
- Maintain bill wise detail >Yes
- Type :Address detail
- Set GST detail : Yes
- Type valid GST number
Create Stock item
Similarly creates another ledger Bank under Bank
Now go to accounting Voucher > Press F 6in receipt > Press Alt + V for advance payment receipt
Press F12 and select single entry mode set to Yes
Select the bank ledger
select party name : pacific computer and type the advance amount recevied Rs 300000
A screen will appear
now press Alt + P
Click P: Print and enable the option Print Advance Receipt to Yes to print the invoice.
Now generate of bill of advance receipt from customer along with GST applicable