GST of Advance

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Accountant
111 Points Posted on 06 October 2021
GST payable on advance or not
Advance received against supply of Goods
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On 06 October 2021 at 16:18 Report
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This discussion clarifies the application of GST on advance payments. For supplies of goods, GST is generally not applicable on advance receipts; tax is levied upon the issue of the tax invoice. However, for services, GST is typically applicable to the advance amount received. Notification 66/2017 provides further guidance on this matter.

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Chartered Accountant
24588 Points Posted on 06 October 2021
Yes GST is applicable on advance amount also
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On 06 October 2021 at 16:50
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GST Practitioner & Accounts
15150 Points Posted on 06 October 2021
No , GST not applicable on Advance received against Goods . The entire amount will be taxed on the issue of Tax invoice . refer Notification 66/2017 dated 15/11/2017 .
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On 06 October 2021 at 16:59
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GST Consultant
15986 Points Posted on 06 October 2021

No GST is not applicable on advance received for supply of goods. Taxable on issue of invoice .

GST on advance applicable on service.

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On 06 October 2021 at 20:30

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