TaxTMI 
TaxTMI 
ADVANCE RECD PRIOR TO GST
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....DVANCE RECD PRIOR TO GST<br> Query (Issue) Started By: - sachin shilamkar Dated:- 19-6-2017 Last Reply Date:- 9-11-2017 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>We have recd some advance from customer against which we will make supply after 1st July (implementation of GST). What will be the tax applicability under GST for the same. Reply By KASTURI SETHI: The Reply: Your point of....
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.... taxation is the date of receipt of advance as per Point of Taxation Rules. You can adjust ST paid in June, 17 at the time of issuance of invoice in July, 17. Reply By sachin shilamkar: The Reply: AS PER CURRENT TAXATION THERE IS NO TAX APPLICABLE ON ADVANCES RECEIVED FOR SUPPLY OF GOODS AND SERVICES. WHAT WILL BE THE TAX APPLICABLE UNDER GST ON THE ADVANCE WHICH IS RECEIVED PRIOR TO GST PERIO....
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....D. Reply By MUKUND THAKKAR: The Reply: I am agree with View of Kasturi Sethiji with reference to service tax. if your query regarding of supply of goods, than need not to pay the GST. what ever advance you have received before GST in your books of account must be indicated the date and advance receipt voucher also. present law is not attract the duty against the advance receipt in case of supp....
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....ly of goods. Reply By sachin shilamkar: The Reply: Dear Mukundji, Our query is related to supply of Goods only. Advance is recd. for supply of goods before GST. You have mentioned that there is no GST applicable is it means we can send goods against the advance without GST? If so which tax is applicable on the same. Reply By MUKUND THAKKAR: The Reply: Dear As per GST if any advance is rec....
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....eived you have to pay the GST on advance. if goods cleared after GST you must be charged GST , advance is part of your supply value. Reply By VAMSI KRISHNA: The Reply: Respected KASTURI SETHI ji, as you said in your reply, we can setoff serive tax paid in june (on advance receipt) in july... for example, total contract value is 20,000 customer paid advance of 5,000 in may and service tax on ....
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....advances is paid in may itself. service is rendered in Aug. at the time of issue of invoice in august as like follows: Taxable value : 20,000 GST @ 18% (IGST) : 2700 (15,000*18%) Invoice value: 22700 Is it above invoice is correct in all respects ????? Note: Your attention invited to 142(11)(b) of CGST. (in short, GST on advance paid is going to levy of tax again in GST regima but the payment....
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.... of tax is repealed)<br> Discussion Forum - Knowledge Sharing ....