GST on advance

286 views 8 replies

can tax liability of gst on advance received can be adjusted against input tax credit?

Replies (8)

Yes. you can pay tax on advance received for supply of service by adjusting the input tax credit balance in your electronic credit ledger. 

No....
You can't adjust the Tax Liability (against advance receipts) from Your ITC...

GST payable on advance receipts by Cash payment...
Yes, Adjustible.
@ Mr Vipul.,

Can You explain with based on the Query...?
Gst on advance will be adjustible through ITC.
Suppose u are a supplier n u get an advance for supply of services to be provided from next month(say 1lac)
u issue a receipt voucher and your output gst liability come Rs.18000.
You have unutilised credit in ur ECL, it'll be utilised for such output liability.

Yes i agree with Mr. Vipul views. The tax payable on advance is normal output tax liability. The same can be paid either through electronic cash ledger or credit ledger (offset liability table). 

Only RCM liability is not possible to pay through credit ledger it has to be paid in cash only.

Yes... I agreed to Both of Your views...

GOOD LUCK...
I toó agree views of everybody

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