Hi,
Govt have recently issue notification on Advance receipt in GST, in which govt said that there is no need to pay Gst on advance receipt.
Is is applicable on previous advances received before 15th nov, 2017. Please update.
3 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 16 November 2017
Taxpayer having annual aggregate turnover up to 1.5 crores need not requried to pay GST on Advance .
Rajiv
(Accountant)
(137 Points)
Replied 16 November 2017
But we have a turnover above 1.5 crore.
In that case, we have to pay GST on advance received before 15th Nov, 2017 ?
VIKAS SAINI
(1163 Points)
Replied 16 November 2017
Yes you have to pay tax on advance. Before 15nov.after 15nov.no need to pay tax on advance.
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