Amount received as advance from the customer is liable to gst. But what will be the applicability of gst for advance standing in the books on the date of transition?
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Gst on advance
Replies (3)
Nothing to do with that advance as standing in your books. Beacuse taxable event will arise at the time of issue of invoice.
The advance received in GST regime will be liable to tax.
advance will adjust in supply of goods . and we mentioned as a advance in our books of accounts
Advance received more than 1000 its your option to issue invoice for service or goods, or advance receipt
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