dear sir
kindly advice me
gst on advance received is suspend for all company ?
GST on advance is suspend for all
Prakash Chauhan (172 Points)
09 December 2017
7 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178071 Points)
Replied 09 December 2017
YES..........
Initially, notification no. 40/2017-Central Tax dated 13 October, 2017 was issued to remove the requirement of payment of GST on advance receipts towards supply of goods, for persons having turnover of less than INR 15 million in a year. Vide Notification no. 66/2017- Central Tax dated 15 November, 2017, this relaxation has been extended to all persons, except persons opting to pay GST under composition scheme. It should be noted that this relaxation is applicable only on the advances received post 15 November, 2017 for supply of goods. Post this notification, the time of supply for goods would be the date of issue of invoice by the supplier.
prasad Nilugal
( GST Practitioner & Accounts )
(14803 Points)
Replied 09 December 2017
I think supply of service its continue please confirm
manish
(student)
(187 Points)
Replied 09 December 2017
yes GsT on advance received suspended under Notification No.66/2017 dt.15/11/2017 for all assessee except person opting for composition Scheme.
VIKAS SAINI
(1163 Points)
Replied 09 December 2017
Please confirm this exemption up to March 18or life time
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 December 2017
GST is applicable if Advance received for supply of Services..
Akhil Rajeev Reddy
(Article Assistant)
(121 Points)
Replied 09 December 2017
Dear Dhirajlal sir
Notification 66/2017 supersedes the notification 40/2017, and states that advance received is not liable for GST only for the supply of goods. However advance received on account of supply of services will be liable. This notification superseded notification 40/2017, hence the advance received by the supplier who turnover is below 1.5 cr does not applicable. Finally irrespective of the turnover is advance received for the supply of goods is not liable to tax and advance for supply of services is liable to GST
Notification 66/2017 supersedes the notification 40/2017, and states that advance received is not liable for GST only for the supply of goods. However advance received on account of supply of services will be liable. This notification superseded notification 40/2017, hence the advance received by the supplier who turnover is below 1.5 cr does not applicable. Finally irrespective of the turnover is advance received for the supply of goods is not liable to tax and advance for supply of services is liable to GST
Recent Topics
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
- TCS adjustment
- GST audit and scrutiny
- GSTR9 Table 8 - 8A and 8B difference is 4D(1). in
Related Threads
CAclubindia
