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TMI Blogadjust of advance and gst against the billX X X X Extracts X X X X X X X X Extracts X X X X ..... We are going to construct one factory. For this we have awarded the contract to one construction company. We have paid advance and gst to them. Now they have given their first bill after after adjusting the 50% advance and 50% gst on this bill. Whether this correct or not? Details as below in example:- Total contract value : 100 crores Advance 30% : 30 crores +GST 5.4 crores Bill sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted for 25%on contract value :25 crores +4.5 crores They have adjusted 50% of the advance and gst paid in their first bill submitted.ie.: 15 crores +GST :2.7 crores The balance 50% advance will be adjusted in the next bill. Could you please suggest whether this correct and what is the law says. Please give your opinion with cgst section and rule. Thanks Regards, S.Ramak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rishnan. - Reply By Ramaswamy S - The Reply = Tax Insights from India Tax Regulatory Services www.pwc.in Government removes requirement of payment of GST on advances received for supply of goods and allows manual filing of refund applications November 16, 2017. Regards S.Ramaswamy - Reply By ANITA BHADRA - The Reply = Notification No. 40/2017 Central Tax, dated 13/10/2017 , -. As pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r this Notification, Registered Persons (other than composition dealers) whose turnover during last FY was less than 1.5 crore, are not required to pay GST on outward supply of goods, at time of receipt of advance. Notification No. 66/2017 Central Tax, dated 15/11/2017 , extended the benefit to all taxable persons (other than Composition dealers). This relief is not available ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on outward supply of services . GST is payable on advance received in case of outward supply of services. Construction Company providing SERVICES to you . They need to pay GST on received of advance itself. In my view , GST on Advance can not be kept pending for adjustment in their subsequent bills - Reply By Ganeshan Kalyani - The Reply = GST is applicable on receipt of advance to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ward service. The supplier of service shall pay tax on advance received and adjust that tax paid against the invoice he will raise in future. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = I endorse the views of Ms. Anita - adjust of advance and gst against the bill - Query Started By: - Ramakrishnan Seshadri Dated:- 31-8-2018 Goods and Services Tax - GST - Got 4 Replies - GST - Discussi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Forum - Knowledge Sharing, reply post by an expert, 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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