Gst on advance Received or Payment
BISWAJIT (service) (179 Points)
01 July 2018
Gst on advance received from customer and payment to creditor are now exemptted ??
8 Replies
Vinod Babu
(24191 Points)
Replied 01 July 2018
The CBEC has issued notification nos. 55-66/2017-Central Tax, Circular no. 16/16/2017-GST,
17/17/2017-GST and order no. 9-10/2017-GST, all dated 15 November, 2017. While majority of the
amendments give effect to the changes announced in the 23rd GST Council meeting, there are a few
other significant relaxations, which were not specifically mentioned in the press note issued post the GST Council meeting.
17/17/2017-GST and order no. 9-10/2017-GST, all dated 15 November, 2017. While majority of the
amendments give effect to the changes announced in the 23rd GST Council meeting, there are a few
other significant relaxations, which were not specifically mentioned in the press note issued post the GST Council meeting.
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 01 July 2018
| Originally posted by : s.murali | ||
 |
sir, Pl.share the notification no |  |
https://www.cbic.gov.in/htdocs-cbec/gst/central-tax-notfns-2017
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 01 July 2018
Advance Reced. against goods being Abolished (As per notification 66/2017)
Advance against services, GST is levy
As per section 16 GGST Act ITC has to be reversed if payment is not made to supplier within 180Days & there is no Notification in this regard of abeyance of same
Advance against services, GST is levy
As per section 16 GGST Act ITC has to be reversed if payment is not made to supplier within 180Days & there is no Notification in this regard of abeyance of same
PRADEEP KR. MONDAL
(Accountant)
(156 Points)
Replied 24 December 2018
ADVANCE RECEIVED ON WORKS CONTRACT, WHAT TO DO ?
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 24 December 2018
yes its taxable , deposit gst , issue receipt voucher as per rule 50
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