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Gst on advance payment for goods

mudit gupta (CA) (330 Points)

01 October 2021  
is Gst on advance payment for goods is paid or no. 66/2017 is applicable Gst on advance payment is exempted

 3 Replies

Ankita Jain (CA in practice) (175 Points)
Replied 01 October 2021

Currently, gst on advance payment for goods is exempted

debora M (BUSINESS DEVELOPMENT MANAGER)   (1384 Points)
Replied 01 October 2021

This means that if the advance is received before the issue of the invoice the time of supply would be the date of receipt of advance. Thus taxpayers receiving advance must pay GST on the money received. *Note: For the supply of goods advance received is not subject to GST.

Ankita Jain (CA in practice) (175 Points)
Replied 01 October 2021

Yes, it will

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