Receipt Voucher is to be issued in case Advance received from Customer
Refund Voucher is to be issued in case Advance is to be returned to Customer
Example 1
Suppose A Makes sales to B of 20000+5% GST on 1 Nov
Money Received in Advance from B of 5000 on 1 OCT
Remaining 16000 Received on 1 Dec
What invoices to be issued?
View AnswerOn 1 Oct, A will issue B Receipt Voucher of 5000
On 1 Nov, A will issue B Tax Invoice of 16000
On 1 Dec, No Invoice Required to be issued
Example 2
Money Received in Advance from B of 5000 on 1 OCT
Sales not made
Money Returned on 1 Nov
What invoices to be issued?
View AnswerOn 1 Oct, A will issue B Receipt Voucher of 5000
On 1 Nov A will issue B Refund Voucher of 5000
Note
We have already studied that we have to pay GST on advance in case of only Services (not goods)
However
Concept of Receipt Voucher and Refund Voucher is applicable in case of both goods and services
