Advance receipt-Tax period & time of supply
Query (Issue) Started By: – Narendra Soni Dated:- 23-6-2017 Last Reply Date:- 23-6-2017 Goods and Services Tax – GST
Got 4 Replies
GST
Dear Experts,
Suppose advance against supply has been received to us on 05.07.2017, actual supply is made on 17.08.2017.
Kindly confirm whether tax liability has to pay on the basis of advance received in return dtd 20th of August or on the basis of invoice in return dtd.20th of Sept.
Reply By KASTURI SETHI:
The Reply:
GST is to be paid on the date of advance received.
Reply By Rajagopalan Ranganathan:
The Reply:
Sir,
Clause (d) of sub-section (3) of Section 31 of CGST Act, 2017 lays down that "a registered person shall, on receipt of advan
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
y"
Whether we can understand the Payment immediately like if advance is received on 05.07.2017 we required to pay to govt. on 05.07.2017 itself. if yes, any regulation in this regard.
Secondly table 11A of GSTR 1 is asking to fill only advance amount received in the tax period for which invoice has not been issued. Is that mean, if the advance received on 05.07.2017 we have to issue the receipt voucher on same day showing tax amount and other details but only to pay the tax if supply is not being made during the tax period ie month.
Thirdly, if the advance received against ZERO Rated supply, what is the compliance specially if Zero rated supply is going to be made under bond without payment of GST.
Thanks to all learned experts fo
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =