Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3284 Points)
04 May 2018We are manufacture of Homoe Medicine and we take advance for the medicine sale. Do we need to pay the GST on such advance?
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 04 May 2018
YES U HAVE TO PAY TAX ON SUCH ADVANCE
Avinash Jeevan Dsouza
(Assistant In Charge Accountant)
(3284 Points)
Replied 04 May 2018
As I read somewhere It was said that "No GST for industry at the time of advance payment for supply of goods".
CA. Vinodh Kothari
(Chartered Accountant)
(2089 Points)
Replied 04 May 2018
Avinash Jeevan Dsouza
(Assistant In Charge Accountant)
(3284 Points)
Replied 04 May 2018
Ok. Thank you Mr. CA. Vinodh Kothari and NAVEEN CHAND for your replies.
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 04 May 2018
No need to pay GST on advance for regular taxpayer as per Notification No. 66/2017 – Central Tax.
Avinash Jeevan Dsouza
(Assistant In Charge Accountant)
(3284 Points)
Replied 04 May 2018
Thank U Shivam Arora Sir.
Tushar Jain
(Paid Assistant)
(57 Points)
Replied 04 May 2018
YES , IF YOUR TURNOVER PREVIOULY EXCEED 1.5 CRORE IN A YEAR SO YOU ARE BIG BUSINESS MAN AND HAVE TO PAY GST ON ADVANCES FOR GOODS. IF NOT EXCEEDING 1.5 CRORE THAN NO NEED TO TAX GST ON ADVANCES AS PER NOTIFICATION.
Avinash Jeevan Dsouza
(Assistant In Charge Accountant)
(3284 Points)
Replied 04 May 2018
Our TO is more 1.5 Core.
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 04 May 2018
There is no limit of turnover.
saurabh shahu
(Audit Assistant)
(142 Points)
Replied 04 May 2018
Chutiya logo ki dukan.....................
No GST paid on Advance received for Supply of Goods......
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