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Advance received
our firm is manufacturing & supply clamps to customer. they may pay advance to me. that can use in same month or may be next month. in these case we need to pay tax on advance ? or no ..pls guide ..
Replies (3)
For the supply of goods advance received is not subject to GST.
(Notification no. 66/2017 dated 15.11.2017)
dhirajlal sir there is a limit for that i.e. 1
.5 cr turnover and assessee not opt for composition scheme
.5 cr turnover and assessee not opt for composition scheme
our turn over is more than 1.5 Cr.
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