GST applicable Advance received from Customer

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..... GST applicable Advance received from Customer
Query (Issue) Started By: - Vivek anandhan Dated:- 28-8-2019 Last Reply Date:- 2-9-2019 Goods and Services Tax - GST
Got 9 Replies
GST
Dear Expert We are a manufacturer and annual turnover above 1.5 crore. If we receive advance whether we need to pay GST. Regards Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: I think advance will not .....

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..... attract GST Reply By Himansu Sekhar: The Reply: If it is for goods, no. GST Reply By Himansu Sekhar: The Reply: Notification No. 66/2017-C.T., dated 15-11-2017 Reply By Himansu Sekhar: The Reply: As per the GSt concept & status released by the Department on 01.08.19 Para- 9.4.9 Payment of Tax: 9.4.9.1 There shall be no requirement on payment of tax on advances received for supply of goods .....

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..... by all taxpayers. Please go through the entire paper. It is useful Reply By Vivek anandhan: The Reply: Noted, Thanks to all, It is very clear that GST will not attract Advance for supply of goods. Also whether we need to show advance received against supply of goods information in GSTR-1 Reply By MUKUND THAKKAR: The Reply: Need not required show in GSTR-1, if advance received against supply .....

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..... of goods. Reply By KASTURI SETHI: The Reply: I support the views of all the experts. Reply By Ganeshan Kalyani: The Reply: Goods and services are taxed equal . So when there is lot tax on advance received toward supply of goods the the same exemption to apply for supply of service as well. Reply By Ganeshan Kalyani: The Reply: Please read "no" inplace of "lot".
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..... ussion Forum - Knowledge Sharing .....

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