Dear Professional Colleague ,
We are filling quaterly GSTR-1. What will be the the treatment of advance received in say, February 2020 in GSTR-3B for which supply of service will be made in March itself. Do we need to deposit tax on such advance before filing 3b of February?
GST Must Be Paid on Advances in February Filing When Service Supplied in March, per Section 13(2)(a) CGST Act 2017. A query was raised regarding the treatment of advance receipts under the Goods and Services Tax (GST) system. The issue concerned whether GST must be paid on an advance received in February 2020 when the service is supplied in March. Two responses confirmed that GST should be paid in the February GSTR-3B filing. The replies referenced Section 13(2)(a) of the Central Goods and Services Tax (CGST) Act, 2017, which mandates the payment of GST on advances received. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
