We have received advance from one customer against sale of some gst applicable items after 30days. We are taking one month advance payment. Request to clear my doubt on following:
1 .Will GST be applicable on advance receipt and to be paid to govt before raising sales invoice . thanks in advance
Divyam Agarwal
(Practicing Chartered Accountant)
08 March 2021
GST is applicable Advance against Supply of Services & there is no GST on advance for supply of Goods it's being deferred from 15/11/2017 by Noti 66/2017 CT
If advance received for sale of services then gst applicable on date of receipt. If it is sale of goods then gst attracted when invoice is issued or is due to be issued.