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For advance received
do we have to pay gst on advance received
Replies (3)
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.
Yes if it is for supply of Service. else no GST applicable on advance received for supply Goods
Gst on advance only applicable for services. For goods gst applicable only when invoice is issued or is due to be issued
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