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Considered as supply or not
if any supply received advance money so advance payment is considered às a supply as per section 15(2) because supply for that amount is not derived to recipient ?
Replies (2)
No....
GST Applicable on advance is not treated as supply. Actually the liability to pay tax on goods or services are prescribed in Section 12 & 13 of CGST Act
Section 12 of CGST Act
Time of Supply Goods : Advance received against supply of goods no GST is applicable as of today . This provision was put in abeyance for registered person whose aggregate turnover not exceeding 1.5 crore other than composition dealer , vide Notification 40/2017 CT ef 13/10/2017, then Vide Notification 66/2017 ,e.f 15/11/2017 this benefits was extended all other registered person .
Section 13 of CGST Act :
Time supply of Services : Advance received against supply of Services, GST is applicable.
Note : Section 15(2) did not Prescribe GST on advance Reced.
GST Applicable on advance is not treated as supply. Actually the liability to pay tax on goods or services are prescribed in Section 12 & 13 of CGST Act
Section 12 of CGST Act
Time of Supply Goods : Advance received against supply of goods no GST is applicable as of today . This provision was put in abeyance for registered person whose aggregate turnover not exceeding 1.5 crore other than composition dealer , vide Notification 40/2017 CT ef 13/10/2017, then Vide Notification 66/2017 ,e.f 15/11/2017 this benefits was extended all other registered person .
Section 13 of CGST Act :
Time supply of Services : Advance received against supply of Services, GST is applicable.
Note : Section 15(2) did not Prescribe GST on advance Reced.
This provision is applicable to service at present now
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