Gst on advance payment for goods

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CA
330 Points Posted on 01 October 2021
is Gst on advance payment for goods is paid or no. 66/2017 is applicable Gst on advance payment is exempted
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On 01 October 2021 at 11:10 Report
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Currently, GST on advance payments for goods is generally exempted. However, the time of supply is determined by the date of advance receipt if an invoice hasn't been issued. While this means GST is typically not levied on advances for goods, it's crucial to be aware of specific rules and potential exceptions.

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CA in practice
185 Points Posted on 01 October 2021
Currently, gst on advance payment for goods is exempted
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On 01 October 2021 at 12:39
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BUSINESS DEVELOPMENT MANAGER
1697 Points Posted on 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.

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On 01 October 2021 at 13:31
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CA in practice
185 Points Posted on 01 October 2021
Yes, it will
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On 01 October 2021 at 14:13

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