TaxTMI 
TaxTMI 
TaxTMI 
My query is whether a composition dealer is liable to pay tax on advance received for supply of goods in future. whether Notification No 66/2017 has excluded composition dealer from exemption of payment of tax on advance receipt from supply of goods
Advance received for supply of goods
SUBRATA RAY
Tax on advance receipts: composition dealers must pay GST upon receiving advance for future supply of goods. A composition dealer is not entitled to exemption from tax on advance receipts; GST is payable upon receipt of advance for future supply and the advance receipt constitutes the taxable event requiring tax discharge and return compliance. (AI Summary)
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