who has to pay GST on Advance payment
1. Buyer or
2. Supplier
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GST on Advance payment
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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.
however such credit cannot be claimed till tax invoice is raised.
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.
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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