Advance against supply of goods
This query is : Resolved
18 May 2021
I have received advance 200000/- on 30/04/2021 and material sale on 05/05/2021.
while filling gst return of april '21 we have to charge gst on advance of Rs.200000/- .
If yes than how much
If no please share the reason.
while filling gst return of april '21 we have to charge gst on advance of Rs.200000/- .
If yes than how much
If no please share the reason.
18 May 2021
GST Rate will be the rate of goods and calculate Rate as Advance Amt is including GST Amt i.e assuming rate of goods is 18%
So GST will be 200000 x 118/100 will be the gst amt
So GST will be 200000 x 118/100 will be the gst amt
18 May 2021
You don't have to pay GST on advance received against sale of goods. You may pay GST on the basis of invoice.
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18 May 2021
No gst on advance for goods. Pay gst on issue of invoice.
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18 May 2021
Sorry for misinterpretation
Expert Opinion is correct GST on advance for supply of goods is waived by Notification 66/2017
I rectify my opinion expressed earlier
Expert Opinion is correct GST on advance for supply of goods is waived by Notification 66/2017
I rectify my opinion expressed earlier
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