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Advance received

GEETIKA (Article) (28 Points)

05 June 2019

Is gst taxable in respect of advance received...??

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4 Replies

CA Mayur Todmal (Practicing CA) (7645 Points)
Replied 05 June 2019

advance against service taxable , against goods exempted from 15/11/2017 ( 01/07/2017 to 13/10/2017 on all advances gst was payable from 13/10/2017 to 15/11/2017 exempt for supplier up to turnover 1.5 cr)

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Rakesh Gulani (student) (47 Points)
Replied 05 June 2019

yes
taxpayer is need to pay gst on advance received as if the advanced is received before the issue of invoice the time of supply would be the date of advanced.

CMA Bhavya (Assistant Manager Finance) (862 Points)
Replied 05 June 2019

In case of advance received for any supply, time of supply is fixed at the point when advance is received, irrespective of the fact whether the supply is made or not.

GST liability arises when the advance received for the future supplies, GST flier for your reference

Attached File : 1889877 20190605143131 51 gst flyer chapter6.pdf downloaded: 83 times

Shivam RC (Student) (23683 Points)
Replied 06 June 2019

Advance Received against Supply of Services is Taxable under GST. The Supplier needs to issue a Receipt Voucher and collect GST from the recipient.

However for Advance received against Supply of Goods, you are not required to collect GST since it is EXEMPTED vide Notification No. 66/2017 CT dated 15.11.2017.