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GST Tax on advance receipt

Vijay Sharma (175 Points)

03 August 2018

If advance amount received can I pay gst or not?

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Deepak Gupta (CA Student) (15922 Points)
Replied 03 August 2018

Taxability of consideration received in advance
Period	Aggregate turnover less than INR. 1.5 crores	Aggregate turnover more than INR. 1.5 crores
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

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 04 August 2018

Advance Against Goods No
Advance against Service Yes

Vijay Sharma (175 Points)
Replied 04 August 2018

can u give me notification of above this not taxable

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.