Menu
If we take advance amount on rent shall we file gst nil return or non nil return?
I have a small doubt my employer gives is building for rent to educational institutions he has gst registration regards getting income from rental per month 5lakh but if he gets rental income 3lakh from institution by advance shall he file nil return or liability on taking 3 lakhs perticular month .
Replies (3)
Quick Summary
On services (including rent), GST is payable on receipt or invoice, whichever is earlier. Hence, on advance GST is payable.
In 3B it has to be shown as regular output tax. In GSTR1, it can be shown under advances and adjusted against invoice in subsequent month.
Receipt voucher has to be raised upon receipt of advance.
GST @ 18% would be applicable on the Advance Amount of Rent received. As per the Provision of Section 13 of the CGST Act 2017, the Time of Supply incase of Supply of Services is earlier of the following :
(a). Date of Payment
(b). Tax Invoice
Therefore you cannot file NIL Return for the month when you have received the advance payment...
(a). Date of Payment
(b). Tax Invoice
Therefore you cannot file NIL Return for the month when you have received the advance payment...
Yes GST is applicable on advance received for supply of Services.
Recent Topics :
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
Related Topics :
CAclubindia
