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notification 66

Tarun Shah (264 Points)

15 November 2017

pls tell me detais of notification no 66/2017dated 15/11/2017. gst on advance recd for goods exempt for all

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174041 Points)
Replied 16 November 2017

CGST Notification no. 66/2017 exempts all taxpayers from payment of tax on advances received in case of supply of goods

The central government on Wednesday exempted businesses from paying goods and services tax (GST) on advances received for supplying goods in the future.

The centre’s notification specified that businesses need to pay central GST (CGST) on supply of goods only at the time of supply

For services, GST continues to be payable in advance in line with the provisions under erstwhile service tax

Small businesses, which pay taxes and file returns on a quarterly basis, were exempted from the requirement of paying GST on advances earlier. The same benefit is now available to all businesses.