Gst on advance payment

Others 919 views 10 replies
Dear all, I need to know if GST on advances will be paid by payer or payee. Who will raise invoice & what documentation is required for the said transaction. Thanks in advance
Replies (10)

if invoice raised before 01.07.2017 charging VAT then credit of VAT will be transfered by following transition provision given u/s 139 to 142. 

I need information for GST liability on advance payment. post 01st july 2017

GST is payable on payment or issue of invoice whichever is earlier. So advance payment under will liable to pay GST. 

Who will raise invoice for advance payer or payee. Pls provide details or relevant links if avaliable

Thank You

On receipt of advance from the customer, the supplier of goods will issue a receipt voucher evidencing the receipt of advance and details will be entered in GSTR-1

but the payer will not get input credit as stocks were not received as on the date of payment

Exactly, the customer can claim ITC later on.

we have manufacturing unit have no cenvat credit

1.Can we claim excise input on our closing stock of raw material?????

2.Should we declare closing stock detail on gst portal as on 01.07.17

 

Thanks in advance

 

 

B r vo g by the vvtex by way. Oiubmky vm vivid and in b v

what? Kindly reply again


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