Saqif OM (Manager(F&A)) (319 Points)
17 February 2018Dear All,
Has the earlier rule for GST on Advance superceded by Notification No. 66/2017 – Central Tax (except to Composition Dealers)
My doubt is whether we have to pay GST on advance received after November 15 , 2017.
If a) My company has turnover exceeding 1.5 Crores
b) My company has turnover not exceeding 1.5 Crores
Kindly reply
vikram kerekar
(1241 Points)
Replied 17 February 2018
RAJA P M
("Do the Right Thing...!!!")
(127264 Points)
Replied 17 February 2018
Saqif OM
(Manager(F&A))
(319 Points)
Replied 19 February 2018
Sir,
Advance against Suppy of Goods?
Both have different treatment on advance received?
Awaiting for reply sir
Saqif OM
(Manager(F&A))
(319 Points)
Replied 19 February 2018
@ RajaPM Sir,
We deal with 85 % of Goods & 15% of retreading services.
RAJA P M
("Do the Right Thing...!!!")
(127264 Points)
Replied 19 February 2018
| Originally posted by : Saqif | ||
 |
Sir, Advance against Suppy of Goods? Both have different treatment on advance received? Awaiting for reply sir |
 |
1. From 13/10/2017 No need to pay GST on Advance against Supply of Goods.
2. Both of Different activities against Advance
RAJA P M
("Do the Right Thing...!!!")
(127264 Points)
Replied 19 February 2018
| Originally posted by : Saqif | ||
|
@ RajaPM Sir, We deal with 85 % of Goods & 15% of retreading services. |
|
* GST will not be payable at time of receipt of advance in case of outward supply of goods by registered persons having turnover less than 1.50 Crore during last FY, w.e.f. 13th October 2017. However GST on advance is payable if advance received during period 01/07/2017 to 12/10/2017.
* In case of Persons having turnover more than 1.50 crore during last FY, GST is payable on advance received on outward supply of Goods, if advance is received during the period 01/07/2017 to 14/11/2017. No GST is payable on advance if it is received on or after 15/11/2017.
* This relief is not available on outward supply of services. GST is payable on advance received in case of outward supply of services.
* This relief is not available if tax is payable on reverse charge. In case of reverse charge, GST will be payable at time of payment, if payment is made before receipt of goods
RAJA P M
("Do the Right Thing...!!!")
(127264 Points)
Replied 19 February 2018
You are most Welcome Dear...
Saqif OM
(Manager(F&A))
(319 Points)
Replied 19 February 2018
Sir,
Hehe...Some kind of imaginary question. So "If" i have advance received on services and I have not paid GST on it. How will Government find the defaulters? Such a hypothetical question. I think it can only be found out through Audit???
RAJA P M
("Do the Right Thing...!!!")
(127264 Points)
Replied 19 February 2018
Sorry for My Frankly reply...
As per my view and think about your question is very simple...
Our Govt is not force for Who is get Loans from Rs. 1000 crores. But, The same time Our Govt will forcefully debit the Loan If Rs. 100... Many more examples in Our Country...
* Also ans is simple..
You don't think the question from Govt end...
You just think about it from Your customer's end. You can get ans very simply....
Saqif OM
(Manager(F&A))
(319 Points)
Replied 19 February 2018
| Originally posted by : RAJA P M | ||
|
Sorry for My Frankly reply... As per my view and think about your question is very simple... Our Govt is not force for Who is get Loans from Rs. 1000 crores. But, The same time Our Govt will forcefully debit the Loan If Rs. 100... Many more examples in Our Country... * Also ans is simple.. You don't think the question from Govt end... You just think about it from Your customer's end. You can get ans very simply.... |
|
Good answer,but the answer was not hypothetical..its pin point..Mm..Customer is the king any where..hehe.Tq Sir
CAclubindia
