Advance paid to supplier
This query is : Resolved
09 June 2017
We have paid our supplier an advance of Rs.5,00,000/- on 05/06/2017. Suppose if GST is in force from 01 july, what effect would it have on this advance ?
10 June 2017
As per section 142(10) of CGST Act, 2017, GST is will not attract to the extent of on which the VAT is leviable under the state Act, Under the VAT regime, the taxes payable only on sale of goods.In your case, There is no sale of goods but you have paid advance amount for sale Hence, if the goods are not sold to you on or before 30.06.2017 your liable for GST.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
