Menu
GST Turnover Includes Advance
For the purpose of determining GST Audit, Advance received should be considered as a part of GST Turnover.
Replies (4)
No ..... it's does not included in Aggregate Turnover
if it is advance against serives then it will be included in TO
Dear Padmahas
As per the Defination provided in Section 2(6) of CGST Act , Aggregate Turnover does not Include Advance against supply of goods or SERVICES.
It's applicability of GST or GST Attracts when the Advance is received against supply Services.
As per the Defination provided in Section 2(6) of CGST Act , Aggregate Turnover does not Include Advance against supply of goods or SERVICES.
It's applicability of GST or GST Attracts when the Advance is received against supply Services.
As per Swastika Educonsult View
Aggregate Turnover is being defined in Sec 2(6) of CGST Act. This include all taxable supply, all exempt supply, all export etc. However it does not include Advance.
According to Section 12 (Time of Supply for Goods) or Sec 13(Time of Supply of service) advance might be taxable and GST Need to be paid. So there are 2 differnt provision where tax might need to be paid but it will not be included in Agreegate Turnover at all.
Recent Topic
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
Related Topics
CAclubindia
