Dear Sir
Pls clear
As per yesterday notification
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Whether tax on advance received from customer is exempt in gst
Replies (6)
CGST Notification no. 66/2017 exempts all taxpayers from payment of tax on advances received in case of supply of goods
Small businesses, which pay taxes and file returns on a quarterly basis, were exempted from the requirement of paying GST on advances earlier. The same benefit is now available to all businesses.
The central government on Wednesday exempted businesses from paying goods and services tax (GST) on advances received for supplying goods in the future.
The centre’s notification specified that businesses need to pay central GST (CGST) on supply of goods only at the time of supply
For services, GST continues to be payable in advance in line with the provisions under erstwhile service tax
Really this is good news for businessman's
Yes, Great relief in working capital.......
This exemption which date applicable from
15th November, 2017
at last relief from gst.
removal of rcm on URD purchase and removal of payment of tax on advance.
and above all delay of gstr2 return.
removal of rcm on URD purchase and removal of payment of tax on advance.
and above all delay of gstr2 return.
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