GST on Advance received from Customer
Query (Issue) Started By: – raja raja Dated:- 20-2-2018 Last Reply Date:- 8-3-2018 Goods and Services Tax – GST
Got 9 Replies
GST
Our company received advance against services
Advanced received 9,80,000/-
Tds 2% recovered 20,000/-
Above case we have to pay gst on 9,80,0000(980000*18/118=149492) or 10,00,000( 1000000*18/118=152543)
Please advice me
Thanks in advance
Reply By Ganeshan Kalyani:
The Reply:
on ₹ 10 lacs.
Reply By MARIAPPAN GOVINDARAJAN:
The Reply:
GST is to be leviable on ₹ 10,00,000/-
Reply By Ravikumar muthusamy:
The Reply:
is GST payable on advance also?
Reply By Ganeshan Kalyani:
The Reply:
on service yes
on goods – no.
Reply By Ravikumar muthus
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t, 2017 as applicable to SGST, UTGST & IGST Act, 2017, receipt of Advance payment, attracts Tax, at appropriate rate, the hands of the Supplier (Forward Charge) or Recipient (Reverse Charge) of Goods or Services or both.
Notification No. 66/2017-Central Tax dtd. 15.11.2017 for the time being has kept the GST applicability on Advance at Abeyance on Supply of Goods & Services upto 31.03.2018 and accordingly, when Advance Payment is received by the Supplier of Services (where tax is payable under Forward charge) or such Advance Payment is made by the Recipient of Services (where tax is payable under Reverse Charge), Advance payment would Not attract Tax under GST Law, in respect of Supply of Goods or Services.
Reply By rajkumar shukla:
The R
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