GST on Advance received from Customer

[GOPAL CHOWDHURY]

Dear all,

As Ministry has issued Notification No.66/2017-CT dated.15.11.2017 and I have seen here it was issued granting exemption for GST on advances received by the tax payers on goods not on service who not availed for composition scheme.

In this regard can any one kindly clarify me the Notification as I still can't understand is the notification issued for the tax payers to charge the rate of tax changed on certain commondity which comes into effect from the date of issue of the Notification as the provision regarding billing on the same is provided U/s 14 of the CGST Act, 2017 as provided under the Notification or else its allowing exemption from payment of tax on advances received by the tax payers.

Kindly let me know.

AI Summary

Clarification Sought on GST Exemption for Goods Advances per Notification 66/2017-CT; Section 12 CGST Act Discussed A discussion on a forum addresses the clarification needed regarding Notification No. 66/2017-CT, which exempts taxpayers from paying GST on advances received for the supply of goods, effective from November 15, 2017. The exemption does not apply to advances for services. Participants discuss the notification's implications, particularly its relation to Section 12 of the CGST Act, which dictates the time of supply for tax purposes. There is some confusion about whether this exemption is universally applicable or limited to specific goods with amended tax rates. The conversation emphasizes the need for careful interpretation of the notification.