For advance received

233 views
User Avatar

54 Points Posted on 16 March 2021
do we have to pay gst on advance received
0 Reply Share Follow
On 16 March 2021 at 22:38 Report
Replies (3)
Quick Summary
When you receive an advance payment, the GST implications depend on whether it's for goods or services. For the supply of goods, GST is generally not applicable on advance payments. However, if the advance is for the supply of services, GST is applicable. In such cases, you must issue a receipt voucher and pay GST on the advance received, ensuring the calculation includes GST.

User Avatar

2 Points Posted on 16 March 2021
For the supply of goods, advance is not subject to GST. But if it is for supply of service, then it is subject to GST. Supplier has to issue the receipt voucher and pay GST on advance. Calculate GST taking the advance received inclusive of GST.
Reply
On 16 March 2021 at 23:33
User Avatar

GST Practitioner
55067 Points Posted on 16 March 2021
Yes if it is for supply of Service. else no GST applicable on advance received for supply Goods
Reply
On 16 March 2021 at 23:40
User Avatar

GST Consultant
15986 Points Posted on 16 March 2021
Gst on advance only applicable for services. For goods gst applicable only when invoice is issued or is due to be issued
Reply
On 16 March 2021 at 23:47

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. TDS Code for Salary Payment to Non-Resident Intern
  2. TDS on property
  3. Company data for software
  4. Car purchase to be eligible for ITC
  5. GST Refund on payment to builder
  6. TDS u/s 194Q on electricity supply by DHBVN etc.
  7. Subject: Can I Apply for Fresh GST Registration on
  8. Additional place in GST RC
  9. Company 3 months old, INC-20A not filed, all 3 of
  10. How do I choose the Best GST Lawyers in New Delhi

More recent discussions | Post

Related Topics :

Loading