Advance on supply of goods
Query (Issue) Started By: – Devika agarwal Dated:- 22-11-2017 Last Reply Date:- 23-11-2017 Goods and Services Tax – GST
Got 4 Replies
GST
Advance received on supply of goods in not te be taxed under GST, this notification comes under CGST Act only.
\nWhy this is not come under IGST Act?
\nReply By Ramaswamy S:
\nThe Reply:
\nit is for all (CGST,SGST, IGST, UTGST). No tax on advances received for the supply of goods is to be paid. Advance received for supply of services – tax is payable.
\nRegards
\nS.Ramaswamy
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nNo GST on advance received from customer. However, a composition dealer is still liable to pay GST on advance. Also advance on service is also liable to GST.
\nR<\/p>\n
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\n(vii) accounts and records;
\n(viii) returns, other than late fee;
\n(ix) payment of tax;
\n(x) tax deduction at source;
\n(xi) collection of tax at source;
\n(xii) assessment;
\n(xiii) refunds;
\n(xiv) audit;
\n(xv) inspection, search, seizure and arrest;
\n(xvi) demands and recovery;
\n(xvii) liability to pay in certain cases;
\n(xviii) advance ruling;
\n(xix) appeals and revision;
\n(xx) presumption as to documents;
\n(xxi) offences and penalties;
\n(xxii) job work;
\n(xxiii) electronic commerce;
\n(xxiv) transitional provisions; and
\n(xxv) miscellaneous provisions including the provisions relating to the
\nimposition of interest and penalty,
\nshall, mutatis mutandis, apply, so far as may be, in relation to integrated tax as they apply in relatio<\/p>\n
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