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?
3 Replies
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
advance will adjust in supply of goods . and we mentioned as a advance in our books of accounts
CA S Praveen Kumar Reddy
(Chartered Accountant)
(2195 Points)
Replied 10 June 2017
Advance received more than 1000 its your option to issue invoice for service or goods, or advance receipt
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
