its a partnership firm
here they have sold a old car and they have received the advance amount..
but they have not raised the invoice...
so here in this case on the advance received gst applicable
11 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 06 April 2021
Yes GST is applicable on advance amount
Mujeeb Doi
(309 Points)
Replied 06 April 2021
Date of Advance received as time of supply(TOS) is applicable only in case of services and hence, TOS in this case will be earlier of date of Invoice or Date of removal of car
Ramya Bhat
(254 Points)
Replied 06 April 2021
So on the advance received on old vehicle that we are selling we have to deduct TDS on advance at 18 percent.....
Mujeeb Doi
(309 Points)
Replied 06 April 2021
No, there is no liability to deduct any TDS under GST law
Amit
(Accounts )
(528 Points)
Replied 06 April 2021
Advance received in case of goods avi exempt kiya hua h
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 April 2021
The provision of GST on advance for GOODS being put in abeyance by Notification 40,66/2017 both are of CT .
So no GST applicable on advance for supply of Goods
So no GST applicable on advance for supply of Goods
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