PURCHASE DETAILS

Purchase Details Assignments.jpg

For Purchases

  • We will get Input on Date we Receive Goods in Factory
  • Invoice Date and Payment Date is not relevant
  • However,if Payment is not made within 180 days of Invoice,then we have to Reverse Input in next month
  • Interest will also be charged from Date of input taken till Date Input is Reversed @ 24%

SALES DETAILS

Sales Details Assignments.jpg

Till 14 Nov 2017

For Sales,we have to consider Time of Supply

Time of Supply is

Earlier of

Date of Invoice

Last Date of Issue of Invoice

Date of Payment---------- Not applicable from 15 Nov 2017

 

  • Practically,Invoice Date and Last Date of Invoice will be Same in most of the cases
  • Hence,Basically we have to pay tax on Invoice date and Payment Date whichever is earlier

FROM 15 NOV 2017

Time of Supply is

Earlier of

Date of Invoice

Last Date of Issue of Invoice

Date of Payment---------- Not applicable from 15 Nov 2017

 

  • Practically,Invoice Date and Last Date of Invoice will be Same in most of the cases
  • Hence,Basically we have to pay tax on Invoice date.
  • No Tax on Advance if advance received after 15 Nov 2017

Computation Format

Computation Format.jpg

  1. GST - Goods and Services Tax, India
  2. GST Computation & Accounting
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .