Gst on advance Received or Payment

No GST on Advance Payment received 

No GST on Advance received for Supply of Goods

sir, Pl.share the notification no

The CBEC has issued notification nos. 55-66/2017-Central Tax, Circular no. 16/16/2017-GST,
17/17/2017-GST and order no. 9-10/2017-GST, all dated 15 November, 2017. While majority of the
amendments give effect to the changes announced in the 23rd GST Council meeting, there are a few
other significant relaxations, which were not specifically mentioned in the press note issued post the GST Council meeting.

Originally posted by : s.murali
	sir, Pl.share the notification no

https://www.cbic.gov.in/htdocs-cbec/gst/central-tax-notfns-2017

Advance Reced. against goods being Abolished (As per notification 66/2017)

Advance against services, GST is levy

As per section 16 GGST Act ITC has to be reversed if payment is not made to supplier within 180Days & there is no Notification in this regard of abeyance of same

ADVANCE RECEIVED ON WORKS CONTRACT, WHAT TO DO ?

yes its taxable , deposit gst , issue receipt voucher as per rule 50