Amount received as advance from the customer is liable to gst. But what will be the applicability of gst for advance standing in the books on the date of transition?
CA Nitesh Agarwala (Chatered Accountant) (51 Points)
10 June 2017Amount received as advance from the customer is liable to gst. But what will be the applicability of gst for advance standing in the books on the date of transition?
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 10 June 2017
Nothing to do with that advance as standing in your books. Beacuse taxable event will arise at the time of issue of invoice.
The advance received in GST regime will be liable to tax.
VIKAS SAINI
(1163 Points)
Replied 10 June 2017
CA S Praveen Kumar Reddy
(Chartered Accountant)
(2195 Points)
Replied 10 June 2017
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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