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
\nAdvanced received 9,80,000\/-
\nTds 2% recovered 20,000\/-
\n Above case we have to pay gst on 9,80,0000(980000*18\/118=149492) or 10,00,000( 1000000*18\/118=152543)
\nPlease advice me
\nThanks in advance
\nReply By Ganeshan Kalyani:
\nThe Reply:
\non ₹ 10 lacs.
\nReply By MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nGST is to be leviable on ₹ 10,00,000\/-
\nReply By Ravikumar muthusamy:
\nThe Reply:
\nis GST payable on advance also?
\nReply By Ganeshan Kalyani:
\nThe Reply:
\non service yes
\non goods – no.
\nReply By Ravikumar muthus<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" 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 – GSTGot 9 RepliesGSTOur 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 … Continue reading “GST on Advance received from Customer”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10492","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/10492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10492"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/10492\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nNotification 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.
\nReply By rajkumar shukla:
\nThe R<\/p>\n
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