gst on advances

[kantipudi satyanarayana]

Pl clarify GST liability of a person registered under composition scheme u/s.10(2A) in respect of advances received for supply of services

AI Summary

GST Composition Scheme: Tax Liability for Advances Requires Receipt Voucher, Settlement on Invoice Issuance under Section 10(2A) A query was raised regarding the Goods and Services Tax (GST) liability for a person registered under the composition scheme under section 10(2A) concerning advances received for services. The response clarified that the registered person should issue a receipt voucher and discharge the tax liability on the advance amount received. The remaining tax liability should be settled when the invoice is issued.