GST advance IMP


Amit (o)     21 July 2019

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we received a order of 20 lakh from a party in July 2017..
party made a 380000 advance payment ....
RS 180000 sale made by us .......
after that party refuse to take delivery of next orders...
we already purchased some raw materials for that order...

now we have 200k in the name of particular party....
we don't make any adjustments till now of that amount....
we received that payment on 13-11-17 and on 15-11-2017
govt via notification removed GST on advance.

now my questions is
1- can we liable to pay GSt on that advance
2- how can we treat that amount in our balance sheet
and loss occured by us

avater

Pankaj Rawat (GST Practitioner)     21 July 2019

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1. No
2. 2 lac as advance from customer
(loses, ????? It will treated as cl stock)

avater

Amit (o)     21 July 2019

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Dear sir,
as per our consultant we need to pay GST on that advance

avater

Pankaj Rawat (GST Practitioner)     21 July 2019

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1. As per Notification 40/2017 CT , Taxpayer whose turnover is less than .1.5 crore is not liable pay GST on Advance against Supply from 13/10/2017 2. As per Notification 66/2017 , for Taxpayer whose is more than 1.5 Crore , is not liable pay GST on Advance . Against supply Goods From 15/11/2017 Hence if you fall under option 2nd than you are liable pay GST on advance reced on 13/11/2019,, else No GST is leviable.

avater

Pankaj Rawat (GST Practitioner)     21 July 2019

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Sorry it's 13/11/2017

avater

Amit (o)     21 July 2019

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we fall under category 2

avater

Pankaj Rawat (GST Practitioner)     21 July 2019

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GST On Advance is abolished. : 1. From 13/10/2017 For Tax payer , aggregate Turnover is Less then 1.5 Crore 2. From 15/11/2017 for Taxpayer whose Aggregate Turnover is more than 1.5 Crore

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Pankaj Rawat (GST Practitioner)     21 July 2019

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Then you U R liable to pay GST on advance reced on 13/11/2017

avater

Amit (o)     21 July 2019

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sir we received advance in our account
on 13/11/2017

avater

Pankaj Rawat (GST Practitioner)     21 July 2019

Pankaj Rawat
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Yes , GST is applicable


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