GST Tax on advance receipt
Vijay Sharma (175 Points)
03 August 2018
If advance amount received can I pay gst or not?
Vijay Sharma (175 Points)
03 August 2018
Deepak Gupta
(CA Student)
(15922 Points)
Replied 03 August 2018
|
Taxability of consideration received in advance |
||
|
Period |
Aggregate turnover |
Aggregate turnover |
|
01.07.2017 to 12.10.2017 |
Taxable |
Taxable |
|
13.10.2017 to 15.11.2017 |
Not taxable |
Taxable |
|
15.11.2017 and onwards |
Not taxable |
Not taxable |
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 04 August 2018
Vijay Sharma
(175 Points)
Replied 04 August 2018
Deepak Gupta
(CA Student)
(15922 Points)
Replied 04 August 2018
NN-66/2017-Central Tax dated 15-Nov-17
The registered person who did not opt for the composition levy under section 10 shall pay the central tax on the outward supply of goods at the time of supply as specified in section 12(2)(a) i.e. the date of issue of invoice by the supplier or the last date on which he is required, under section 31(1), to issue the invoice with respect to the supply. Therefore, no GST is payable on advances received against supply of goods.
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