let me clarify any one in this group
1. I have issued proforma invoices along with basic and gst break up, to customer in dec2018 and received amount in Dec 2018 itself. but I have not paid gst against the advance received & I paid the gst at the time of actual bills raised to them.
now what is the remedy for the above case?
Menu
GST AGAINST ADVANCES
Replies (3)
any difference between advance and actual bill? what's the date of billing
As per Notification 40 & 66/2017 CT the taxpayer is not required to pay GST on advances against Supply of GOODS. (Except Composition dealer)
Effective from 13/10/2017 for taxpayer turnover below 1.5 Crore & 15/11/2017 for Taxpayer whose turnover above 1.5 Crore.
Hence if you have reced Adance against supply goods then No GST liability leviable at the time of Advance reced.
Effective from 13/10/2017 for taxpayer turnover below 1.5 Crore & 15/11/2017 for Taxpayer whose turnover above 1.5 Crore.
Hence if you have reced Adance against supply goods then No GST liability leviable at the time of Advance reced.
If it is supply of goods - GST is payable on invoices itself -
If supply of services - Interest needs to be paid for the period from date of GST payable (due date for payment for advance received) til the actual date of payment..
Recent Threads
- ITR Offline JSON Utility not showing saved drafts
- Incometax port8 not working
- U4gm-Leveling an Amazon Build with Lightning Spear
- 44ADA income declaration
- Taxation of RSU sold of foreign listed entity by e
- Form26QB in case of death of joint owner (seller)
- Exemption of allowance
- Hardship compensation recd from builder (redevelop
- ITC CLAIM REGARDING EXPENSES
- Section 54 exmeption on under construction propert
CAclubindia
