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TMI BlogAdvance ReceivedX X X X Extracts X X X X X X X X Extracts X X X X ..... Advance received one year back from one scrap merchant and the same has reflected on our books of accounts. Regular basis the scrap merchant taken the scrap and paid the amount of each sales. My Qua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rry is Since the advance received before GST, will GST attract for the same or not ??. Please suggest... - Reply By KASTURI SETHI - The Reply = Here is a question of point of taxation. In this case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... point of taxation will be the date of invoice and now it is obvious that time of supply of goods will be after 1.7.2017. So GST is attracted. - Reply By MUKUND THAKKAR - The Reply = what ever amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt you have received one year back ,it seems that it was DEPOSIT not advance. so please change the head in your books of account as a DEPOSIT not as advance. and DEPOSIT is not attract GST. only ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vance covered under GST. - Reply By KASTURI SETHI - The Reply = Excellent advice by Sh.Mukund Thakkar, an expert. As a precautionary measure, also see if there is any agreement regarding advance or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposit. - Advance Received - Query Started By: - kamdev senapati Dated:- 30-6-2017 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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