who has to pay GST on Advance payment
1. Buyer or
2. Supplier
Menu
GST on Advance payment
Replies (4)
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
Recent Threads
- Advance Tax not reflecting in Form26AS
- Capita gain tax
- Clubbing of income on ULIP
- ITR2 Processing Delay
- TDS demand payment notice
- Invoice NOT in 2B but showing in 2A, and supplier
- Is ITC available on VRF AC
- Capital gains on sale of furnished flat
- Heard & Seen Around – Your Daily Economi
- Gst interest and penalty doubts regarding missing
Related Threads
CAclubindia
