Applicability of GST on advances from foreign buyer
Query (Issue) Started By: – MohanLal tiwari Dated:- 14-8-2017 Last Reply Date:- 15-8-2017 Goods and Services Tax – GST
Got 5 Replies
GST
Please advise for applicability of GST on advance payment from foreign buyers. Please consider that we are charging IGST in our Export Invoice while exporting the goods.
\nReply By RAMESH PRAJAPATI:
\nThe Reply:
\nExports are classified as zero rated supply. So GST is not required to be paid on advances. At time of export you can clear goods on payment of IGST or without payment of IGST. It is your choice. There is no revenue loss to the Government.
\nReply By MohanLal tiwari:
\nThe Reply:
\nThanks Mr Rajput. Do we need to issue Advance Receipt Vouc<\/p>\n
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\n (e) description of goods or services;
\n (f) amount of advance taken;
\n (g) rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);
\n (h) amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess);
\n (i) place of supply along with the name of State and its code, in case of a supply in the course of inter-State trade or commerce;
\n (j) whether the tax is payable on reverse charge basis; and
\n (k) signature or digital signature of the supplier or his authorised representative:
\n Provided that where at the time of receipt of advance,-
\n (i) the rate of tax is not determinable, the tax shall be paid at the rate of eight<\/p>\n
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