TMI BlogAdvance receipt-Tax period & time of supplyX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, Suppose advance against supply has been received to us on 05.07.2017, actual supply is made on 17.08.2017. Kindly confirm whether tax liability has to pay on the basis of advance received in return dtd 20th of August or on the basis of invoice in return dtd.20th of Sept. - Reply By KASTURI SETHI - The Reply = GST is to be paid on the date of advance received. - Reply By Rajagop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alan Ranganathan - The Reply = Sir, Clause (d) of sub-section (3) of Section 31 of CGST Act, 2017 lays down that a registered person shall, on receipt of advance payment with respect to any supply of goods or services or both, issue a receipt voucher or any other document, containing such particulars as may be prescribed, evidencing receipt of such payment. Details of particulars to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e indicated in the receipt voucher are indicated in rule 5 of GST - TAX INVOICE, CREDIT AND DEBIT NOTES - Final Rules 18-5-2017. In this rule clause (g) and (h) requires indication of rate of tax and amount of tax charged in respect of taxable goods or services. Therefore when you receive advance you have to issue a receipt voucher and pay the tax immediately. - Reply By KASTURI SETHI - The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply = Dear Sir, Thanks for quoting sections. - Reply By JAIPRAKASH RUIA - The Reply = Dear Sir, Payment immediately Whether we can understand the Payment immediately like if advance is received on 05.07.2017 we required to pay to govt. on 05.07.2017 itself. if yes, any regulation in this regard. Secondly table 11A of GSTR 1 is asking to fill only advance amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received in the tax period for which invoice has not been issued. Is that mean, if the advance received on 05.07.2017 we have to issue the receipt voucher on same day showing tax amount and other details but only to pay the tax if supply is not being made during the tax period ie month. Thirdly, if the advance received against ZERO Rated supply, what is the compliance specially if Zero rated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supply is going to be made under bond without payment of GST. Thanks to all learned experts for their continuous support in understanding the GST. - Advance receipt-Tax period & time of supply - Query Started By: - Narendra Soni Dated:- 23-6-2017 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Mana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gement 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
|
