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how to calculate tax on down payment scenario in GST

May 20, 2017 at 10:50 AM

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Hi All,

how to calculate tax on down payment scenario in GST India

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3 Answers

G Lakshmipathi
Jul 13, 2017 at 10:45 AM
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The name of the OP and subsequent response are different and do you have multiple logon SCN credentials ?

Moreover, please make sure that your question outlines the steps you took to find information. This way members will know that you searched and were unable to find what you needed. There is an OSS note available to handle advance payment in GST

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Dibyendu Patra Jul 17, 2017 at 06:21 PM
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There are some OSS notes available in market place. Just serach with the keywords GST down payment.

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Rahul Dorugade Jul 13, 2017 at 06:27 AM
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Hi Team ,

Yet not received any reply \

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Please check following notes :

1. Please apply the below three notes.

2483086 - GST IN: Down Payment OR Advance payment changes for India GST (Production Version)

2491575 - GST IN: Account determination for down (advance) payment and down payment clearing

happening wrongly (Production Version)

2491818 - Error FS 210 when releasing a SD billing document with down payment clearing to accounting

since the introduction of Indian GST (Production Version)

2. Please maintain the “Tax category” in GL account Master for Down payment SP GL account.

3. HSN code is not required for Down payments.

4. No need of line item wise Tax paid on Down payments

5. Reported is looking only month wise Summarized total advance - Advance clearing in month. (consolidated statement of advances Received/advances in the current tax period/ Amendments of information furnished in earlier tax period)

6. If you don't know tax rate then please use the IGST with 18% rate

7. Please use the FTXP and create tax code and table A003. (Vendor/Customer)

8. Please remove FI summarization get update the BSET-TAXPS

(2448045 Resolution- 4 points)

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Hitesh Kumar

Have you not gone through my comments ? Avoid responding to a query posted in one line without much details

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