Whether tax on advance received from customer is exempt in gst

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

Yes, Great relief in working capital.......

15th November, 2017