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GST Tax liability
Dear Sir, we received amount as security from customer, are we liable to pay gst on that amount if yes, then which rate of tax and document we issued, or if we received as advance than what we liability... Thanks in anticipation
Replies (4)
Tax on advance has been dropped as of now
you need not pay gst as now
Mr Tarun,
Security deposit you received will be treated as Advance against material supply. As on date there is no need to pay GST on materials but on advances against services.
Issue Receipt Voucher for any advance receipts.
Regards,
Sakpal Nitin
GST on advance still there for service
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