Dear Sir,
We have received Cash Rs.20K from Mr.A and 20K from Mr.B as advance in March month on account of goods.but we issued sale invoice to both in Current month so suggest can we face any issue from department.
Menu
Advance from customer in March month
Replies (4)
Quick Summary
No issue from gst department.
GST not applicable on advance received on goods. Only applicable on generation of invoice.
GST not applicable on advance received on goods. Only applicable on generation of invoice.
No problem as no GST is payable on advance received against sale of goods.
There is no issue because deferred Revenue does not include tax computations
Note: For the supply of goods advance received is not subject to GST. The entire amount will be taxed on the issue of the invoice (w.e.f. 15th November 2017).2
Recent Topics :
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
Related Topics :
CAclubindia
