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Gst on advance payment received

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partner
78 Points Posted on 16 April 2018

Hello 

We are trader of fabrics and garments and our supplies are inter state. we received advance payment in first week of march 2018 and supply is likely to happen in coming months. My GST filling person says to pay GST on advance received while filing the March Returns. please clarify. 

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On 16 April 2018 at 22:06 Report
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No payment of tax on advance received for supply of goods
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On 16 April 2018 at 23:17
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172 Points Posted on 16 April 2018
if turnover more than 1.5 crore then what ?
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On 16 April 2018 at 23:45
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"Do the Right Thing...!!!"
128147 Points Posted on 17 April 2018
No need to pay GST Tax for Advance received against Supply of Goods for Irrespective of Turn Over limit...
463 Reply
On 17 April 2018 at 05:44
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NONE
163 Points Posted on 16 April 2018
NO need to pay such advance if ur aggregate turnover is upto Rs.1.5 Crores.
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On 16 April 2018 at 22:36
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1 Points Posted on 16 April 2018
What he said is correct. point of taxation is earlier of receipt of payment, or date of issue of invoice, or supply of goods/service. In your case you have to gst on advance received.
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On 16 April 2018 at 23:06
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1 Points Posted on 16 April 2018
you have to pay gst on advance received. coz the point of taxation is the earliest of invoice date, payment date(even advance) and date of supply of goods in ur case date of receipt of advance is the earliest occurrence. hence you have to pay gat on advance received
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On 16 April 2018 at 23:28
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Practicing Chartered Accountant
55 Points Posted on 17 April 2018
if turnover is more than 1.5 cr then Yes
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On 17 April 2018 at 00:34
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CA
273 Points Posted on 17 April 2018
Gst on advance is payable only in case of service providers and not in case of traders
1 Reply
On 17 April 2018 at 07:55


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