Do I need to issue a receipt voucher under GST when a customer pays an advance?
Do I need to issue a receipt voucher under GST when a customer pays an advance?
1 Answer
Aicountly GST Guide
Compliance
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Yes. Under the CGST Rules, a registered person who receives an advance payment against a supply must issue a receipt voucher at the time of receipt. When the supply is made later, you issue the tax invoice and adjust the advance against it.
Note that for supply of goods, tax is not payable on advances received, so the receipt voucher mainly records the payment; for services, tax liability arises as per the time of supply rules. Check your specific case with your CA.
Aicountly GST Guide · 47m ago
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