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taxability of advance
Taxability on advance money paied for supply of goods under GST if the date of invoice is after the due date of tax payment (i.e., Goods are dispatched after date of payment of tax)?
Replies (2)
GST is not leviable on receipt of advances for goods. Hence, time of supply i.e., the taxability, will be on supply of goods.
No more tax Liability You / We paid Advance if any Inwards supplies if it's Goods or Services...
But, If you have received any Advances for Supply of Services then GST applicable and You will be payable Tax as per the service...
No need Tax payable for advance receipts against Supply of Goods...
But, If you have received any Advances for Supply of Services then GST applicable and You will be payable Tax as per the service...
No need Tax payable for advance receipts against Supply of Goods...
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