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gst on material advance payments
can gst applicable on material advance payment we are running an construction firm we pay advances for material is it exempted (advance payment only) for gst payment on that time plz explain us
Replies (4)
| Originally posted by : Nagaraju E | ||
 |
can gst applicable on material advance payment we are running an construction firm we pay advances for material is it exempted (advance payment only) for gst payment on that time plz explain us |  |
In Your case
GST Not applicable in Advance Payment
It amounts to supply of services and time of supply would be governed as per section 13 of the CGST act, 2017 which is
issue of invoice if issued within the time as per sec 13
or
receipt of payment
whichever is earlier
issue of invoice if issued within the time as per sec 13
or
receipt of payment
whichever is earlier
GST applicable in case a registered taxpayer under GST receive Advances for future supplies , but in your case it's payment regarding the material procured.
As per Notification 66/2017 The Advance against Goods being Abolished, So,.. no GST is applicable on the same
Note : Advance Against Services attract GST
Note : Advance Against Services attract GST
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