Menu
GST ON ADVANCE BILLING
Invoces are issued in current FY for service to b provided in the next FY. What is the GST implication on it? No advace payment is involved.
Replies (2)
Charge full rate of GST as you have already issued Invoice. As per SECTION 13 of the CGST Act 2017, "TIME OF SUPPLY OF SERVICE", the Time of Supply of Service shall be Earlier of the following-
(1). Date of Invoice/Date of Service
(2). Date of Payment.
Since you have issued the invoice earlier, your time of Supply of Service will be the date of issuing Invoice and accordingly you have to file your Return and pay the applicable Taxes.
[ NOTE : W.e.f 15/11/2017, No Tax shall be collected/paid on Advance Received for SUPPLY OF GOODS...]
(1). Date of Invoice/Date of Service
(2). Date of Payment.
Since you have issued the invoice earlier, your time of Supply of Service will be the date of issuing Invoice and accordingly you have to file your Return and pay the applicable Taxes.
[ NOTE : W.e.f 15/11/2017, No Tax shall be collected/paid on Advance Received for SUPPLY OF GOODS...]
I think it is correct explanation, as Sec. 31 2 Tax Invoice -says bfore or aftet provision of service which means Tax Invoice can b issued bfore prov of Service. Thanx
Recent Topics :
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
Related Topics :
CAclubindia
