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Gst on advance payment received

nitin (partner) (73 Points)

16 April 2018

Hello

We are trader of fabrics and garments and our supplies are inter state. we received advance payment in first week of march 2018 and supply is likely to happen in coming months. My GST filling person says to pay GST on advance received while filing the March Returns. please clarify.

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8 Replies

(Guest)

No payment of tax on advance received for supply of goods

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Prakash Chauhan (172 Points)
Replied 16 April 2018

if turnover more than 1.5 crore then what ?

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 17 April 2018

No need to pay GST Tax for Advance received against Supply of Goods for Irrespective of Turn Over limit...

Rishi (NONE) (163 Points)
Replied 16 April 2018

NO need to pay such advance if ur aggregate turnover is upto Rs.1.5 Crores.

stanly chacko (1 Points)
Replied 16 April 2018

What he said is correct. point of taxation is earlier of receipt of payment, or date of issue of invoice, or supply of goods/service. In your case you have to gst on advance received.

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stanly chacko (1 Points)
Replied 16 April 2018

you have to pay gst on advance received. coz the point of taxation is the earliest of invoice date, payment date(even advance) and date of supply of goods in ur case date of receipt of advance is the earliest occurrence. hence you have to pay gat on advance received