who has to pay GST on Advance payment
1. Buyer or
2. Supplier
The supplier has to pay GST on receipt of advance payment. Except in the case of reverse charge the buyer i.e., receipient shall pay GST on advances.
4 Replies
Ajay Gulati All
(2 Points)
Replied 25 May 2017
however such credit cannot​ be claimed till tax invoice is raised.
srinaveen
(CA)
(78 Points)
Replied 26 May 2017
The supplier will remit tax on advance and issue a Receipt Note not Tax invoice. In case of reverse charge the buyer will remit tax. ITC will not be available on Receipt note. GSTR 1 will have a separate section to upload Receipt notes.
manohar
(accounatnt)
(22 Points)
Replied 14 July 2017
What about advances received prior to June-30. Has GST to be paid on advances received prior to June-30 2017
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