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Tax payment on advance in gst for work contractor
I am having GST number works for contractor as a sub contractor of POP work. Gave me 2 lacs advance but work will do long. should I pay tax on advance. but buyer(contractor)says no need to pay tax on advance, pay only when you raise invoice. no matter how much amount credited into your bank account. for example : in the month of may18 he gave me 5 lacs advance through RTGS. never pay tax file Nil. when you raise invoice in aug 18 then pay tax. is this right. how to do. pls help.
Replies (6)
If you are providing POP work service as a sub contractor GST applicable on advance received . If you providing service then GST appplicable on advance received . please confirm with others also .
If you are providing POP work service as a sub contractor GST applicable on advance received . If you providing service then GST appplicable on advance received . please confirm with others also .
Yes GST is applicable on Advance reced against Services
but what Will be scene if he do work with material and installation.
As your work cover under the services you are liable to Deposit GST on adavane
GST is payable on advance received in case of outward supply of services.
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