Please inform me whether GST on advance received or paid after 15-11-2017 is liable to charge GST?
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Gst on advance paid or received after 15 november
Replies (5)
it depends upon whether advance received is against goods to be supplied or service to be supplied..
Advance received is also part of consideration for supply of goods/services and therefore liable to tax. However, now the liability to pay GST on advance has been deferred till invoice is raised for supply of goods or services. There is no need to raise special invoice to pay the GST only with regard to advance amount.
i think it is only for supply of goods not services. It means if you are service provider, then u are not eligible for this exemption.
correct me if i m wrong
correct me if i m wrong
Thanks Mr Amarjeet for correcting me.
Thanks Sir
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