one of client has running developers business , He sale a flat for Rs 35,00,000 for which he has received Rs 10,00,000 as advance , remaining amount to be paid by purchaser at the time of registration kindly confirm whether my has to pay gst on advance receipt or not , and also confirm its reflection in GSTR-3B , where i have to show , kindly guide me
07 November 2019
Yes , he has to pay GST on Advance
GST on advance received for services are subject to GST ( at the time of receipts)
He will show advance in Table 3a of GSTR 3B Outward Taxable supplies :- Value of Taxable Supplies = Value of invoices + value of debit notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices
CAclubindia
