Is gst taxable in respect of advance received...??
Advance received
Replies (4)
advance against service taxable , against goods exempted from 15/11/2017 ( 01/07/2017 to 13/10/2017 on all advances gst was payable from 13/10/2017 to 15/11/2017 exempt for supplier up to turnover 1.5 cr)
yes
taxpayer is need to pay gst on advance received as if the advanced is received before the issue of invoice the time of supply would be the date of advanced.
taxpayer is need to pay gst on advance received as if the advanced is received before the issue of invoice the time of supply would be the date of advanced.
In case of advance received for any supply, time of supply is fixed at the point when advance is received, irrespective of the fact whether the supply is made or not.
GST liability arises when the advance received for the future supplies, GST flier for your reference
Advance Received against Supply of Services is Taxable under GST. The Supplier needs to issue a Receipt Voucher and collect GST from the recipient.
However for Advance received against Supply of Goods, you are not required to collect GST since it is EXEMPTED vide Notification No. 66/2017 CT dated 15.11.2017.
However for Advance received against Supply of Goods, you are not required to collect GST since it is EXEMPTED vide Notification No. 66/2017 CT dated 15.11.2017.
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