Deepanjali Sahu
(15 Points)
Replied 31 October 2020
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
| Originally posted by : Aj Style | ||
 |
We have given some advance to vendor (both registered and unregistered dealer) for goods. is GST applicable on advance payment to vendors for goods? |  |
No gst is not applicable on advance payments for goods
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
| Originally posted by : Deepanjali Sahu | ||
|
Yes GST is applicable on advance paymentif rate is not ascertainable at the time of advance payment, it should be 18% | |
It is applicable only for service.
Aj Style
(Student)
(354 Points)
Replied 31 October 2020
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
| Originally posted by : Aj Style | ||
|
Then how will I show advance payment made in gstr 3b and gstr1 because in gstr1 it show advance received but not abvance paid. | |
You have given advances or rec'd. Ur original question staates given.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
| Originally posted by : Aj Style | ||
|
Then how will I show advance payment made in gstr 3b and gstr1 because in gstr1 it show advance received but not abvance paid. | |
It will be shown in the month when actual supply takes place . I.e. when goods are delivered.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
| Originally posted by : Aj Style | ||
|
Then how will I show advance payment made in gstr 3b and gstr1 because in gstr1 it show advance received but not abvance paid. | |
Gstr1 deals with outward supply .so it will b used for advance rec'd only not advance paid.
Aj Style
(Student)
(354 Points)
Replied 31 October 2020
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
| Originally posted by : Aj Style | ||
|
Who will pay gst on advance, the receiver of advance or the giver of advance?. Because both can't pay the gst for same transaction. I have given an advance. | |
Of course reciver of money(supplier of good) would pay u need not pay unless it is covered RCM.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
Engage a professional for gst compliance
Aj Style
(Student)
(354 Points)
Replied 31 October 2020
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
| Originally posted by : Aj Style | ||
|
Thanks for the reply. what transaction are covered in RCM? | |
Mainly services however few products like cashews etc are covered under RCM . Refer respective notifications.
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