ADVANCE RECD PRIOR TO GST
Query (Issue) Started By: – sachin shilamkar Dated:- 19-6-2017 Last Reply Date:- 9-11-2017 Goods and Services Tax – GST
Got 6 Replies
GST
We have recd some advance from customer against which we will make supply after 1st July (implementation of GST). What will be the tax applicability under GST for the same.
\nReply By KASTURI SETHI:
\nThe Reply:
\nYour point of taxation is the date of receipt of advance as per Point of Taxation Rules. You can adjust ST paid in June, 17 at the time of issuance of invoice in July, 17.
\nReply By sachin shilamkar:
\nThe Reply:
\nAS PER CURRENT TAXATION THERE IS NO TAX APPLICABLE ON ADVANCES RECEIVED FOR SUPPLY OF GOODS AND SERVICES.
\nWHAT WILL BE THE TAX APPLICABLE UNDER GST <\/p>\n
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\nReply By MUKUND THAKKAR:
\nThe Reply:
\nDear
\nAs per GST if any advance is received you have to pay the GST on advance.
\nif goods cleared after GST you must be charged GST , advance is part of your supply value.
\nReply By VAMSI KRISHNA:
\nThe Reply:
\nRespected KASTURI SETHI ji,
\nas you said in your reply, we can setoff serive tax paid in june (on advance receipt) in july… for example, total contract value is 20,000 customer paid advance of 5,000 in may and service tax on advances is paid in may itself. service is rendered in Aug. at the time of issue of invoice in august as like follows:
\nTaxable value : 20,000
\nGST @ 18% (IGST) : 2700 (15,000*18%)
\nInvoice value: 22700
\nIs it above invoice is correct in all respect<\/p>\n
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