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For advance received

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54 Points Posted on 16 March 2021
do we have to pay gst on advance received
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On 16 March 2021 at 22:38 Report
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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.
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On 16 March 2021 at 23:33
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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
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On 16 March 2021 at 23:40
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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
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On 16 March 2021 at 23:47


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