some advane i have received before July that is under service taxof
regime and i have not paid any service tax on advance as it is received for exemted Govt project As on june 30 i have some amount unrecovered advance pending . pl advise me whether the pending advance attracts GST as the particular project is taxable now under GST
Menu
GST applicability on pending advance recd from client as on june17
Replies (4)
however i have discharged GST for advance recd after July 1st
Advance Pre-GST is not considerable under GST. Advance provision is applicable on or after 1 July 17
On advances received under ST regime the provisions of ST is applicable. in your case since the advances are received in ST regime where there is no levy of ST on the activity as mentioned by you and you are forfeiting such advance now under GST regime where it is a taxable activity, in my view since the levy has attracted under ST regime and accordingly forfeiture of advance is not liable to GST.
ok sir thanku
Recent Threads
- Key Corporate Compliance Requirements for Private
- Gst Non Filling Return Notice
- GSTR 2B ( MULTIPLE MONTHS )
- Eway bill generation for export material.
- International Tax clarification UK.
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
Related Threads
CAclubindia
