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.
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Advance from customer in March month
Replies (4)
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
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