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Gst on advance received

DINESH (Student CA Final ) (102 Points)

22 November 2018

Whether Gst to be collected at the time of advance received?
any notification there gst not applicable at the time of advance received?

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3 Replies

Sudiesh (Audit Assistant) (527 Points)
Replied 22 November 2018

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-40-cgst-english.pdf;jsessionid=0CE40FC2D816898F87DD479690C7B2D6

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-66-central-tax-english.pdf;jsessionid=B4B78BE22E2872D20FF299A6D893F985

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Pankaj Rawat (GST Practitioner) (55037 Points)
Replied 22 November 2018

Advance towards supply of Services , GST attracts.
Advance towards supply of Goods , No GST Attracts (As per Noti. 40/2017 CT)

Note : For Composit Taxpayer, GST is applicable on Advance for Goods

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RAJA P M ("Do the Right Thing...!!!") (127400 Points)
Replied 22 November 2018

Yes... I agreed to Mr Pankaj Rawat.,

@ DINESH.,

If You are received advance against supply of Service as per above reply...

In case You supply same month which is advance received then You don't pay Gst for the advance receipt. Just you can file as per Your transactions...

But,
If You supply next month then you must pay tax for the Advance...

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