How to file GST & calculate tax on adv. receipts & percentage without product determination?
Explain GST filing and tax calculation on advance receipts.how to calculate the tax percentage when I don’t know what product am going to sell.
Advance is always on some agreement to supply some goods or on provision of services so that same rate will apply on advance too. whether or not actual supply has been made or not. further if actual supply is cancelled due to some reason then this amount can be reversed and ITC can be claimed for that amount.