Poonawalla fincorp
Poonawalla fincorp

Gst on advance paid for the supply of services

This query is : Resolved 

25 January 2018 Sir,
What is the point of taxation for supply of services for which payment have received before the supply of service?
Whether GST has to be levied at the time of receipt of such amount?
If yes, Is there any threshold limit up to which there is no need to levy GST?
Please do the needful,
Regards,
Kiran

25 January 2018 Yes, GST has to be levied at the time of receipt of such amount. Limit is Rs.20 Lakhs that includes all the taxable services.

25 January 2018 Sir,
Whether GST has to be levied on all the amount received as advance or is there any limit on advance amount?
Regards,
Kiran


25 January 2018 Yes, GST is to be levied on total amount received.



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