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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 ??

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8 Replies

Ravi SADhiyan (Practice) (4510 Points)
Replied 01 July 2018

No GST on Advance Payment received

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Vinod Babu (24196 Points)
Replied 01 July 2018

No GST on Advance received for Supply of Goods

s.murali (commercial manager) (186 Points)
Replied 01 July 2018

sir, Pl.share the notification no

Vinod Babu (24196 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.

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

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Pankaj Rawat (GST Practitioner) (55057 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