GST
Receipt voucher for advance received
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Facts
Rule 50 requires a receipt voucher when an advance is received for a supply. It needs its own serial number series. For goods, GST is not payable on advances; for services, it is.
Provisions and law
- Rule 50, CGST Rules 2017Receipt voucher for advance payment
- Sec 13, CGST Act 2017Time of supply of services includes the date of receiving an advance
Analysis
A consultant receiving ₹1 lakh advance issues a receipt voucher RV/26-27/001 and pays GST on it in that month. When the final invoice is issued, the tax already paid is adjusted. Report receipt vouchers in Table 13.
Conclusion
- Create a receipt voucher series.
- Issue a voucher for each advance.
- Pay GST on service advances in that month.
- Adjust when the invoice is raised.
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Invoice series, numbering and document summary (GSTR-1 Table 13)
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