My query I procurement the material from our supplier and I paid advance payment to our supplier and showing the debit balance 31st March 2020 .
these condition GST liability on advance to us or supplier .
thanking you
Hatinder Kumar
9218623605
No GST Applicable on Advance pay to Supplier for the Supply of GOODS.
Note :
As per Notification 40/2017 CT , DTD. 13/10/2017 no gst on adavance against Goods ,for Tax payer having Agrregate turnover less 1.5 crore , This facility was extended to all registered person without any threshold limit vide Notification 66/2017 CT dtd 15/11/2017
So the same has been deferred.
CAclubindia
