We are manufacture of Homoe Medicine and we take advance for the medicine sale. Do we need to pay the GST on such advance?
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Gst on advance receipt
Replies (10)
YES U HAVE TO PAY TAX ON SUCH ADVANCE
As I read somewhere It was said that "No GST for industry at the time of advance payment for supply of goods".
No GST on Advance Received for supply of goods. If advance is received for supply of services then GST should be your advance
Ok. Thank you Mr. CA. Vinodh Kothari and NAVEEN CHAND for your replies.
No need to pay GST on advance for regular taxpayer as per Notification No. 66/2017 – Central Tax.
Thank U Shivam Arora Sir.
YES , IF YOUR TURNOVER PREVIOULY EXCEED 1.5 CRORE IN A YEAR SO YOU ARE BIG BUSINESS MAN AND HAVE TO PAY GST ON ADVANCES FOR GOODS. IF NOT EXCEEDING 1.5 CRORE THAN NO NEED TO TAX GST ON ADVANCES AS PER NOTIFICATION.
Our TO is more 1.5 Core.
There is no limit of turnover.
Chutiya logo ki dukan.....................
No GST paid on Advance received for Supply of Goods......
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