Implications of the recent changes
1. GST will not be payable at time of receipt of advance in case of outward supply of goods by registered persons having turnover less than 1.50 Crore during last FY, w.e.f. 13th October 2017. However GST on advance is payable if advance received during period 01/07/2017 to 12/10/2017.
2. In case of Persons having turnover more than 1.50 crore during last FY, GST is payable on advance received on outward supply of Goods, if advance is received during the period 01/07/2017 to 14/11/2017. No GST is payable on advance if it is received on or after 15/11/2017.
3. This relief is not available on outward supply of services. GST is payable on advance received in case of outward supply of services.
4. This relief is not available if tax is payable on reverse charge. In case of reverse charge, GST will be payable at time of payment, if payment is made before receipt of goods
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