GST ON ADVANCE RECIEPTS, Goods and Services Tax - GST

[OM PRAKASH]

PLEASE UPDATE ......IT IS NECESSARY TO DEPOSITED TAX ON ADVANCE PAYMENT

Posts / Replies

[Somil Bhansali]

In case of supply of service ,supplier is liable to pay tax on the amount of advance is received.However in case of supply of goods ,supplier is not required to pay tax on amount of advance received.

[PAWAN KUMAR]

Dear Sir,

as per my view, no need to pay tax on advance receipt in case of goods, however in case of services tax is to be paid.

[Ganeshan Kalyani]

GST on advance against goods is not liable to be paid vide Notification No. 66/2017 – Central Tax.

GST is payable by the supplier is he receives advance payment.