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.

[Narendra Soni]

Dear Experts, we are awaiting suggestion to the query, kindly provide your expert view.

AI Summary

GST on advance receipts: timing of tax payment, adjustment on subsequent supply, and export bond/LUT treatment.
Whether GST arises on receipt of advance payments and when tax must be discharged is questioned, including whether GST is payable on receipt or before filing the monthly return, how tax paid on advances is adjusted and invoiced when goods are despatched in the same month, and whether GST on advances for export supplies must be paid and how such tax is treated when exports occur under bond or LUT.