Page 36 - Plastics News June 2017
P. 36
FEATURES
FEATURES
When to pay GST? Time of Supply
Earliest of following
Time of Supply
of goods
• Date of invoice (or last date on which invoice is required to be issued)
or
• Receipt of payment (earlier of date on which payment entered in the books of accounts
/ date on which amount credited in bank account)
Earliest of following
Time of Supply
of services
• Date of invoice (if invoice is not issued within prescribed period, the date of provision of
service)
or
• Receipt of payment (earlier of date on which payment entered in the books of accounts /
date on which amount credited in bank account)
[Date on which recipient shows service in his books of accounts (where the same cannot be
determined in accordance with above two)]
GST payable on advances received in relation to goods and services 11
When to pay GST? Time of Supply
Current Regime GST regime
Advance received from Customer Advance received from Customer
INR 84 Advance from Customer A/c
INR 100 Advance from Customer A/c INR 100
INR 16 GST payable A/c
Sale to Customer Sale to Customer
TAX INVOICE TAX INVOICE
Net Sales 200 Net Sales 200
VAT @ 5% 10 GST @ 18% 36
Gross Sales 210 Gross Sales 236
Adjustment of advance Adjustment of advance
Customer A/c Customer A/c
Advance 100 Advance 84 Sales 200
Sales 200 GST on Advance 16 GST 36
VAT 10
Balance Receivable 110 Balance Receivable 136
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Plastics News | June 2017 36
