dear expert
kindly inform me gst advance tax applicable if exceed payment received from debtor
company turnover more than 7 crore
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Exceed payment liable for adv gst tax
Replies (5)
Yes if its reced against supply of Services .
No it is supply of goids
Then needs to charge gst on same .
NOT E : As per section 13 .of CGST. act , if advance is below 1000/- then its on supplier , .whether to charge GST or to adjust against next invoice .
Only services advance payment liable gst
In Nov 2017 gov has inform to 19 product of seller hv to paid gst against excced payment received from customers
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