dear expert
kindly inform me gst advance tax applicable if exceed payment received from debtor
company turnover more than 7 crore
5 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 27 September 2019
Yes if its reced against supply of Services .
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 28 September 2019
Then needs to charge gst on same .
NOT E : As per section 13 .of CGST. act , if advance is below 1000/- then its on supplier , .whether to charge GST or to adjust against next invoice .
Kamlesh Tolani
(accountant)
(562 Points)
Replied 28 September 2019
Only services advance payment liable gst
Prakash Chauhan
(172 Points)
Replied 29 September 2019
In Nov 2017 gov has inform to 19 product of seller hv to paid gst against excced payment received from customers
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