GST payable at time of receipt of advance by mining company

By | August 2, 2017
(Last Updated On: August 2, 2017)

Question : Will GST be payable at the time of raising an invoice for supply of goods from a mining lease holder or it will be applicable on the amount of advance received by the mining company for booking the order?

Answer: No. As per the provisions of section 12(2) of the CGST Act, 2017 the time of supply of goods shall be the
date of issue of invoice or the date of receipt of payment, whichever is earlier. Accordingly, GST would be payable on
advance payment received prior to issuance of the invoice.

 

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About CA Satbir Singh

Chartered Accountant having 12+ years of Experience in Taxation , Finance and GST related matters and can be reached at Email : Taxheal@gmail.com

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