Dear Sir
Pls clear
As per yesterday notification
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
CAclubindia
