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Advance Received, Goods and Services Tax - GST |
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Advance Received |
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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 Quarry is Since the advance received before GST, will GST attract for the same or not ??. Please suggest... Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
Here is a question of point of taxation. In this case 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.
what ever amount 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 advance covered under GST.
Excellent advice by Sh.Mukund Thakkar, an expert. As a precautionary measure, also see if there is any agreement regarding advance or deposit. Page: 1 Old Query - New Comments are closed. |
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