GST payable on advance or not
Advance received against supply of Goods
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 06 October 2021
Yes GST is applicable on advance amount also
prasad Nilugal
( GST Practitioner & Accounts )
(14811 Points)
Replied 06 October 2021
No , GST not applicable on Advance received against Goods . The entire amount will be taxed on the issue of Tax invoice . refer Notification 66/2017 dated 15/11/2017 .
CA Altamush Zafar
(GST Consultant)
(15976 Points)
Replied 06 October 2021
No GST is not applicable on advance received for supply of goods. Taxable on issue of invoice .
GST on advance applicable on service.
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