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GST AGAINST ADVANCES

ramu (student) (74 Points)

06 August 2019

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?

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3 Replies

KRISSHNAN KP (4215 Points)
Replied 06 August 2019

any difference between advance and actual bill? what's the date of billing

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 06 August 2019

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.

1 Like

CA Haritha Komma (Chartered Accountant) (1147 Points)
Replied 07 August 2019

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..