TaxTMI 
TaxTMI 
Gst on advance paid on services
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....st on advance paid on services<br> Query (Issue) Started By: - Richa Goyal Dated:- 6-12-2017 Last Reply Date:- 7-12-2017 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>My newly formed firm who has not applied for GST is paying advance to a company for services. That company will pay GST on advance. I will get GST number in 20 days as I have still just applied for PAN. that company will is....
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....sue me a Bill in January. Now will I get GST credit in January or just because when that Company has paid GST when I was not having GST number, I will not be able to claim credit ? Reply By ANITA BHADRA: The Reply: Dear Madam Section 18 of CGST Act 2017 states - If a person applied for registration within 30 days from the date on which he becomes liable - shall be entitled to get ITC from the d....
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....ay immediately preceding the day he become liable . In your case , suppose you formed firm and became liable for GST on 01st Nov 2017 and you applied for GST registration within 30 November , You will get credit of tax on advance dt 01st Nov 2017 . I hope , your query get resolved Regards Reply By Richa Goyal: The Reply: thank you for your reply... in case, I get registration late due to cert....
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....ain reason, how shall i take the credit and how shall it reflect in my returns.. since the seller must have already shown my sales n their B2C sales. Thanks Reply By Vamsi Krishna: The Reply: As of now GSTR-2 has been deferred and hence no need to bother about matching concept from GSTR-1 of the seller. You can claim credit subject to the timelines mentioned in the above reply. I think you s....
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....hall first get PAN and then GST Reg since GST Reg is based on PAN. So try to get both of them quickly to avail timely credits.<br> Discussion Forum - Knowledge Sharing ....