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How to pay GST on advance payments

How to Pay GST on Advance Payments

How to pay GST on advance payments

Advance payments are transactions or parts of transactions done in advance. These payments are recorded as assets on the business sheet and made before exchanging goods and services. They are also known as prepaid expenses.

Advance payments are widespread and valuable for businesses to keep track of their assets. Through online GST challan payments, companies can now file GST on advance payments using their own device from their homes and offices. Let's understand how you can pay GST on advance payments online safely and securely.

What is GST?

GST, also known as Goods and Services Tax, replaced VAT in 2017 as the indirect tax in India. It is levied on goods and services sold for domestic consumption and has many different tax slabs depending on the product. GST is paid to the supplier at the time of delivery of goods and services. Businesses file GST every month.

The main feature of GST is that it is entirely digitalized. This means payment of tax under GST can be completed online at one's leisure. Moreover, online GST challan payments support various modes of payment, including credit cards which makes them highly convenient.

What is GST on advance payments?

Because GST payments are made online, businesses can easily track the GST on advance payments. GST on advance payments is exactly like GST on regular transactions. It is calculated as a percentage of the advance payment instead of the total amount. The best part is that GST on advance payments allows businesses to file their taxes in a timely manner.

Here are some crucial points to bear in mind while paying GST on advance payments:

  • Receipt of advance payment
    The receipt of advance payment is an essential document when you are generating the online GST challan. It contains the time of supply, which is when the final payment and delivery of goods are decided to take place. This helps both the involved parties, and the authorities compute the date of GST payment.As we will see below, businesses generally prefer to pay the GST on advance payments during the receipt of advance payments.
  • Exemption of GST on advance payment
    Another critical point to note is that while GST is paid during the delivery of goods and services, GST on advance payments is compulsorily applicable to services. In simple words, GST on advance payments in the case of services must be paid while making the advance payments. Even in the case of goods, businesses that have opted for the composition scheme must complete the payment of GST on advance payments. This is why tracking and paying GST is important for all businesses when it comes to GST on advance payments.
  • GST advance receipt voucher
    For regular transactions, businesses issue a GST tax invoice once they complete the payment. However, in the case of advance payments, they issue a different document called a GST advance receipt voucher. It acts as proof of received payment and includes the company's particulars, date of issuance, advance payment amount, the GST on advance payment, and the applicable tax rate. Additionally, it must contain the GST identification number of the supplier and the place of supply, including the state and the pin code.

How GST challan payment can be made online

Tax payment under GST is convenient because it can be done on your device. Online GST challan payments can be made on the EnKash portal via these simple steps:

  • Log in to the government GST portal
  • Create the GST challan
  • Select NEFT/RTGS as the payment mode
  • Enter remitting bank name
  • Upload the generated challan on EnKash portal
  • The challan is auto-verified with the maker/checker approvals
  • Pay the GST on advance payments using credit cards or any other convenient mode

How to streamline tax payments

Using the EnKash portal, you can quickly pay tax under GST. It provides a user-friendly interface to track GST challans and manage the company cash flow. Furthermore, it provides a centralized location to monitor GST payments, make timely payments, and avoid penalties.

Besides, online GST challan payments allow you to pay using various payment methods. EnKash auto-reads GST challans and converts them into payment records swiftly. It also shares insights from past records and enables businesses to proliferate. Finally, EnKash can help you streamline tax payments by ensuring safe and smooth transactions.

Conclusion: You can now make GST payments using the EnKash portal. EnKash is a spend management platform built specifically for business needs. It uses efficient software programs to deliver a hassle-free experience while paying GST on advance payments. Complete online GST challan payments quickly and never worry about last-minute struggles.

How to Pay GST on Advance Payments

How to pay GST on advance payments

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