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gst on advance payment
is there any tax on advance payment received from customer
Replies (3)
YES , GST ON ADVANCE RECEIVED FROM SUPPLIERS
It is very important to note here that the taxpayer paying advance is not eligible to claim ITC on advance paid.
The taxpayer can claim ITC on advance paid only on receipt of goods or services.
The Advance Received against Supply of Goods then No need to pay GST Tax on Advance...
In case the Advance received against Supply of Services then GST Tax will be Payable on Advance Receipts...
In case the Advance received against Supply of Services then GST Tax will be Payable on Advance Receipts...
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