Advance receipt.

[Narendra Soni]

Dear Experts,

1.Whether GST is payable on the date of receipt of advance or payable before filing monthly return on 20th of next month.

2.How adjustment of GST will be made if GST paid on advance and the material is despatched in the same month of receipt of advance.How invoicing will be made at the time of actual despatch?

3.Whether GST is payable on receipt of advance ment for export supplies.If Yes, what will be for GST paid on advance if the material is exported under Bond/LUT.

AI Summary

Exploring GST Obligations: Advance Payments, Adjustments for Same-Month Dispatches, and Export Supplies Under Bond/LUT A participant inquired about the Goods and Services Tax (GST) obligations concerning advance payments. The questions addressed whether GST is due upon receiving an advance or before filing the monthly return, how to adjust GST if paid on an advance when goods are dispatched within the same month, and the GST implications for advances on export supplies, especially when exported under Bond/LUT. The query was posted on June 13, 2017, and the last reply was on June 21, 2017, with the participant awaiting expert suggestions.