Gst on advance payment
shashank (student) (67 Points)
17 June 2017
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 17 June 2017
if invoice raised before 01.07.2017 charging VAT then credit of VAT will be transfered by following transition provision given u/s 139 to 142.
shashank
(student)
(67 Points)
Replied 17 June 2017
I need information for GST liability on advance payment. post 01st july 2017
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 17 June 2017
GST is payable on payment or issue of invoice whichever is earlier. So advance payment under will liable to pay GST.
shashank
(student)
(67 Points)
Replied 17 June 2017
Who will raise invoice for advance payer or payee. Pls provide details or relevant links if avaliable
Thank You
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 17 June 2017
On receipt of advance from the customer, the supplier of goods will issue a receipt voucher evidencing the receipt of advance and details will be entered in GSTR-1
Gangadhar Gunda
(4 Points)
Replied 17 June 2017
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 19 June 2017
Exactly, the customer can claim ITC later on.
Gurwinder Singh
(Sr. Accounts Officer)
(471 Points)
Replied 19 June 2017
we have manufacturing unit have no cenvat credit
1.Can we claim excise input on our closing stock of raw material?????
2.Should we declare closing stock detail on gst portal as on 01.07.17
Thanks in advance
himanshu
(1st year)
(2 Points)
Replied 20 June 2017