GST implications on partial payment

346 views
User Avatar

2 Points Posted on 18 August 2020
If an entity wish to make payment to supplier on some criteria that 98% payment of invoice value at receipt of stock and the remaining 2% on quality check confirmation. will GST to be calculated on 100% value or as per the payments made that is GST on 98% and 2%.
0 Reply Share Follow
On 18 August 2020 at 19:16 Report
Replies (2)
Quick Summary
This discussion clarifies how Goods and Services Tax (GST) is applied when making partial payments to suppliers. Regardless of payment schedules, such as paying 98% on stock receipt and 2% on quality confirmation, GST is always calculated on the full taxable value of the invoice. The timing or amount of payments made does not affect the total GST liability.

User Avatar

10 Points Posted on 19 August 2020
GST payable on raising of invoice irrespective of receipt of payment.
Reply
On 19 August 2020 at 05:26
User Avatar

CA
1258 Points Posted on 21 August 2020

GST is always calculated at 100% taxable value. The terms of making payment does not matter while calculating GST

Reply
On 21 August 2020 at 23:43

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Queries with the new form 144
  2. Updating form 10-ee and Schedule FA if there is ch
  3. Sale of property in SLUM area ....SRA
  4. GST applicability on Shipping charges
  5. Outstanding Demand in Income Tax: How To Respond?
  6. LTCG on property sale
  7. Capital gains incidence due to bonus shares
  8. Amendment of Object Clause of Memorandum
  9. How Can I Request a Refund for an Accidental Airte
  10. TDS on salary paid in cash

More recent discussions | Post

Related Topics :

Loading