TaxTMI 
TaxTMI 
GST LIABILITY AGAINST ADVANCE RECEIVED FROM CUSTOMERS
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....ST LIABILITY AGAINST ADVANCE RECEIVED FROM CUSTOMERS<br> Query (Issue) Started By: - SURYAKANT MITHBAVKAR Dated:- 14-10-2017 Last Reply Date:- 16-10-2017 Goods and Services Tax - GST<br>Got 3 Replies<....
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....br>GST<br>Can we adjust GST Liability on advance received from customers against ITC available during the month or we have to make cash payment only like RCM. Reply By Rajagopalan Ranganathan: The Re....
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....ply: Sir, You can adjust GST Liability on advance received from customers against ITC available during the month. There is no prohibition against such adjustment in CGST Act, 2017. Reply By KASTURI....
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.... SETHI: The Reply: Yes. Undoubtedly you can. Reply By MARIAPPAN GOVINDARAJAN: The Reply: You have to issue a bill incorporating the value of transaction with GST and then you adjust the advance pay....
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....ment made and GST in the invoice.<br> Discussion Forum - Knowledge Sharing ....