please tell me the rule as advance received from customer
ARUP KUMAR (JUNIOR) (24 Points)
20 June 2017
please tell me the rule as advance received from customer
1 Replies
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 20 June 2017
As per sec-12 of CGST, taxability arises on the earlier of following:
- Date of issue of invoice by supplier
- Date of receipt of payment by supplier
Therefore, advance received from customer is taxable and GST has to be paid.
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