GST for differed (after commissioning & acceptance etc) payment.
Query (Issue) Started By: – MohanLal tiwari Dated:- 29-5-2017 Last Reply Date:- 2-6-2017 Goods and Services Tax – GST
Got 6 Replies
GST
GST is payable on advances received from customers, what is provision for GST where part payment (5% or 10%) is payable after three \/ six months of receipt & acceptance of goods and balance 10% or 20% payment after successful installation & commissioning or performance of equipment.
\nReply By Rajagopalan Ranganathan:
\nThe Reply:
\nSir,
\nAccording to Section 31 (5) of CGST Act, 2017-
\nSubject to the provisions of clause (d) of sub-section (3), in case of continuous supply of services,
\n (a) where the due date of payment is ascertaina<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e according to the above provisions you have to issue the invoice in your case. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST for differed (after commissioning & acceptance etc) payment. Query (Issue) Started By: – MohanLal tiwari Dated:- 29-5-2017 Last Reply Date:- 2-6-2017 Goods and Services Tax – GSTGot 6 RepliesGSTGST is payable on advances received from customers, what is provision for GST where part payment (5% or 10%) is payable after three \/ six months … Continue reading “GST for differed (after commissioning & acceptance etc) payment.”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3524","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3524","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=3524"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3524\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nReply By MohanLal tiwari:
\nThe Reply:
\nMr Rajgopalan Sir,
\nYour reply to above query is for services " Subject to the provisions of clause (d) of sub-section (3), in case of continuous supply of services, whereas in our case, we are supplying goods (machinery parts) and payment terms is say – 10% advance against ABG after order acceptance, 70% against receipt of mtls by consignee, 10% against PBG after 6 months of receipt of goods, balance & final 10% against PBG after successful installation and trial of equipment.
\nIn the sub-section 4 & 5 of the Rule also not applies correctly as it is not continuous supply.
\nReply By Rajagopalan Ranganathan:
\nThe Reply: <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n