Goods and Services Tax – Started By: – MohanLal tiwari – Dated:- 15-9-2017 Last Replied Date:- 25-9-2017 – Dear Panelist,We are supplying few of our goods with payment terms prior to dispatch and immediately on receipt of payment material is dispatched on same day or within 2-3 days.Please advise whether this payment prior to supply of goods should be considered as advance and required Receipt Voucher is to be issued or it can be taken payment against supply and GST should be charged in supply invoice. – Reply By KASTURI SETHI – The Reply = As per Section 12(2)(b) of CGST Act, your liability for deposit of GST becomes due from the date of receipt of payment from the customer. That is your time of supply. – Reply By MARIAPPAN GOVINDARAJAN –
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pient. – Reply By Ganeshan Kalyani – The Reply = Any amount received from customer before the actual supply is made is treated as advance. If the receipt of advance and supply of material against the advance falls in the same month, then GST is payable on supply of material. But if advance is received and supply of material is in next month then GST is payable on advance money.If customer is asking for receipt voucher then you may issue the same. Thanks. – Reply By KASTURI SETHI – The Reply = I agree with you, Sir. – Reply By Ramaswamy S – The Reply = Receipt voucher is to be provided for the advance received. GST is paid at the time of invoice and reference of refund voucher and the adjustment made is shown in the invoice. Since it is in t
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