Dear Expert,
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 TCS be applicable on advance receipt and to be paid to govt before raising sales invoice
2. . Will GST be applicable on advance receipt and to be paid to govt before raising sales invoice
.
thanks in advance
Menu
Applicability of TCS and GST on advance received from customer
Replies (3)
Quick Summary
Pls. clarify on the nature of items that you are referring to. I presume, the TCS query is concerning Income Tax provisions and not under GST law.
Sir. this is sale of scrap. would like to know regarding applicability of both tcs as well as gst..on receipt of advance.
1..Scrap from the manufacture or mechanical working of materials is subject to TCS @ 1% on receipt or debit whichever is earlier.
2. As per CBIC notification, payment of GST on advance paid on goods is exempt.
So GST is payable as per the date of issue of invoice by the supplier or the last date on which he is required, under sub-section (1) of section 31, to issue the invoice.
Recent Topics :
- Gross total income
- Export Compliance
- Sale of plots in open land
- Income tax query
- Best CA Inter coaching in laxmi nagar
- HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
- Unregistered Association of Persons (AOP) Agreemen
- Intimation u/s 245 of income tax act
- Ewaybill query
- IDS Refund: GSTR-2B Invoice Not Validated in State
Related Topics :
CAclubindia
