adjust of advance and gst against the bill
Query (Issue) Started By: – Ramakrishnan Seshadri Dated:- 31-8-2018 Last Reply Date:- 31-8-2018 Goods and Services Tax – GST
Got 4 Replies
GST
We are going to construct one factory.
\nFor this we have awarded the contract to one construction company.
\nWe have paid advance and gst to them.
\nNow they have given their first bill after after adjusting the 50% advance and 50% gst on this bill.
\nWhether this correct or not?
\nDetails as below in example:-
\nTotal contract value : 100 crores
\nAdvance 30% : 30 crores +GST 5.4 crores
\nBill submitted for 25%on contract value :25 crores +4.5 crores
\nThey have adjusted 50% of the advance and gst paid in their first bill submitted.ie.: 15 crores +GST <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n required to pay GST on outward supply of goods, at time of receipt of advance. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" adjust of advance and gst against the bill Query (Issue) Started By: – Ramakrishnan Seshadri Dated:- 31-8-2018 Last Reply Date:- 31-8-2018 Goods and Services Tax – GSTGot 4 RepliesGSTWe are going to construct one factory. For this we have awarded the contract to one construction company. We have paid advance and gst to them. Now … Continue reading “adjust of advance and gst against the bill”<\/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-13439","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/13439","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=13439"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/13439\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13439"}],"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, dated 15\/11\/2017, extended the benefit to all taxable persons (other than Composition dealers).
\nThis relief is not available on outward supply of services. GST is payable on advance received in case of outward supply of services.
\nConstruction Company providing SERVICES to you . They need to pay GST on received of advance itself.
\nIn my view , GST on Advance can not be kept pending for adjustment in their subsequent bills
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST is applicable on receipt of advance toward service. The supplier of service shall pay tax on advance received and adjust that tax paid against the invoice he w<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n