https://www.taxtmi.com/forum/issue?id=115089 An advance or deposit received is not taxable under GST because it does not qualify as consideration unless the supplier applies the deposit as consideration for the supply; accordingly deposits retained as mere deposits are not subject to GST. The Point of Taxation rules that came into force after 2010 do not affect the taxability of that earlier receipt. The legal distinction between deposit and advance is material, and tax consequences turn on whether the supplier appropriates the deposit as payment for the supply. en-us Tue, 18 Jun 2019 19:22:38 +0530 Thu, 23 Jan 2025 15:55:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=115089 An advance or deposit received is not taxable under GST because it does not qualify as consideration unless the supplier applies the deposit as consideration for the supply; accordingly deposits retained as mere deposits are not subject to GST. The Point of Taxation rules that came into force after 2010 do not affect the taxability of that earlier receipt. The legal distinction between deposit and advance is material, and tax consequences turn on whether the supplier appropriates the deposit as payment for the supply. Discussion-Forum GST Tue, 18 Jun 2019 19:22:38 +0530 https://www.taxtmi.com/forum/issue?id=115089