We are registered in gst, larg taxpayer's, receiving advance against goods.
We prepare advance receipt voucher's on monthly basis and show these in monthly gstr1 in 13-document issued detail.
It is mandatory to show advance value in advance received liability tile
11A(1),11A(2) in gstr1
3 Replies
Tamizh vanan
(220 Points)
Replied 09 September 2018
Not require to show because advance received is taxable only for service and not for good
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 09 September 2018
Originally as per the rules Point of taxation i.e. the point when liability to pay tax arises is equivalent to the time of supply. Under GST, to understand the concept of supply is very important. You can refer to our previous article on time, place and value of supply for the same.
Time of supply will be the latest of the following –
Date mentioned on invoice
Date of advance payment under GST
Due Date by when invoice should be issued
This provision is similar to previous laws. As even under Service Tax, there were provisions relating to point of taxation. Earlier also, any payment received was taxable in nature.
Amendment passed on 13thNovember 2017
Vide Notification no. 66/2017 dated 15.11.2017 the government issued certain amendments relating to treatment of advance payment under GST. As per this amendment passed by the GST Council, liability of GST payment in reference to the advance tax received for supply of goods has been removed. What this actually means that no tax liability will arise in case any advance is received by any supplier of goods.
Who is not covered under the said exemption?
This facility to not pay GST on Advance Received is available to the supplier of goods. Following people are not included in the relief granted I the exemption notification:
Taxpayer registered under Composition Scheme
Supplier of Services.
Agreed with @ Tamizh Vanan and still applicable for Services and composition dealers.
Time of supply will be the latest of the following –
Date mentioned on invoice
Date of advance payment under GST
Due Date by when invoice should be issued
This provision is similar to previous laws. As even under Service Tax, there were provisions relating to point of taxation. Earlier also, any payment received was taxable in nature.
Amendment passed on 13thNovember 2017
Vide Notification no. 66/2017 dated 15.11.2017 the government issued certain amendments relating to treatment of advance payment under GST. As per this amendment passed by the GST Council, liability of GST payment in reference to the advance tax received for supply of goods has been removed. What this actually means that no tax liability will arise in case any advance is received by any supplier of goods.
Who is not covered under the said exemption?
This facility to not pay GST on Advance Received is available to the supplier of goods. Following people are not included in the relief granted I the exemption notification:
Taxpayer registered under Composition Scheme
Supplier of Services.
Agreed with @ Tamizh Vanan and still applicable for Services and composition dealers.
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