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Advance payment received from Customer

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Advance payment received from Customer

Post by CCMei3222 on Fri Jun 19, 2015 5:01 pm

1.We received an advance payment from Customer in May 2015, supplies of goods taken place in June 2015, and Tax Invoice issued on same date as date of goods delivery, i.e June 2015.

Do we hv to account for output tax in May 2015 GST return ?

2. We made advance payment to supplier in May 2015, delivery in June 2015 and supplier issued Tax Invoice in June 2015, can we account input tax in May 2015 on the advance payment made ?

CCMei3222

Posts : 6
Join date : 2015-06-18

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Re: Advance payment received from Customer

Post by joseph on Fri Jun 19, 2015 5:38 pm

1. Yes, you have to account for output tax in May.
2. Yes, if you receive a tax invoice or an official receipt (with all the particulars required of a tax invoice) from your supplier.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: Advance payment received from Customer

Post by Chris Lim on Tue Jun 23, 2015 2:39 pm

we are beauty line services, normally we sold package for the treatment.

1) customer had fully paid the treatment fee on year 2013 for 10 section treatment but end of Mar'14 she just done 5/10 treatment. The balanace of 5 treatment need to account for GST?

2) Normal we supply product to branches as consigment, once branch top up the sales qty only we issued invoice to branches. Are this acceptable for current GST?

3) branches sales normal used of credit card, the fund will received on behalf by HQ, but due to each transaction which incurred of GSt under HQ payee. this case can HQ claim input tax as they expenses or need to issued tax invoice to charge branch branch for the reimbursement?

Chris Lim

Posts : 9
Join date : 2015-04-02

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Re: Advance payment received from Customer

Post by CCMei3222 on Tue Jun 23, 2015 3:00 pm

Hi Joseph,

Thanks for the reply.

Does it mean, if we received advance payment from Customer, we have to account for output tax in the same month of receipts of advance payment.
But,

when we made advances payment to supplier, we have to wait for supplier to issue us Tax Invoice, even if the date of the Tax Invoice is 1 or 2 months later, and we can only claim Input Tax on the date of the Tax Invoice ?

CCMei3222

Posts : 6
Join date : 2015-06-18

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Re: Advance payment received from Customer

Post by joseph on Tue Jun 23, 2015 5:45 pm

Account for output tax in the month you received advance payment.

To claim input tax on the advance you paid, you must have a valid tax invoice or an official receipt with all the prescribed particulars of a tax invoice.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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