GST applicable Advance received from Customer

[Vivek anandhan]

Dear Expert

We are a manufacturer and annual turnover above 1.5 crore. If we receive advance whether we need to pay GST.

Regards

AI Summary

GST Not Applicable on Advances for Goods, No Reporting in GSTR-1 Required, per Notification No. 66/2017-C.T. A manufacturer with an annual turnover above 1.5 crore inquired about the applicability of GST on advances received from customers. Experts in the forum clarified that advances for the supply of goods do not attract GST, referencing Notification No. 66/2017-C.T. and guidelines from the GST department. It was also noted that there is no requirement to report such advances in GSTR-1. The consensus among participants was that GST does not apply to advances for goods, and similar exemptions should apply to services.