Question 22 - The supply of goods/services was made under the earlier law but a part of the consideration (say the retention money) is received in GST regime, will tax be payable in GST
FAQ on GST dated 21.9.2016 based on Draft Model GST Chapter 24 Transitional Provisions
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Transitional provision: retention payments taxed earlier are not subject to GST if full prior duty was paid. Where consideration for supplies made under the prior law is received during the GST regime, GST is not payable on that consideration provided full duty ... Summary
Transitional provision: retention payments taxed earlier are not subject to GST if full prior duty was paid.
Where consideration for supplies made under the prior law is received during the GST regime, GST is not payable on that consideration provided full duty or tax on the supply has already been paid under the earlier law; this follows the transitional provision reflected in the FAQ (section 161).
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