GST on Advance Payments : Free Study Material

By | May 18, 2018
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(Last Updated On: May 18, 2018)

GST on Advance Payments : Free Study Material

Here is the Free study material on GST on Advance Payments

GST on Advance Payments received for Goods

For the Period from 01.07.2017 to 12.10.2017 :

 GST on Advance received for Goods is required to be paid as per Section 12(1) of CGST Act 2017 which read as follow

The time of supply of goods shall be the earlier of the following dates, namely:—

(a) the date of issue of invoice by the supplier or the last date on which he is required, under sub-section (1) of section 31, to issue the invoice with respect to the supply [ Note -1 ] ; or

(b) the date on which the supplier receives the payment with respect to the supply:

For the Period from 13.10.2017 to 14.11.2017 :

No GST on Advance received for Goods if aggregate turnover less than Rs 1.5 crores because as per Notification No 40/2017 Central Tax Dated 13th October, 2017  made payment of tax on issuance of invoice by registered persons having

  • aggregate turnover less than Rs 1.5 crores  and 
  • who did not opt for the composition levy under section 10 of the said Act

Comment  . Thus GST on advance received for goods was required to be paid if

  • aggregate turnover was above Rs 1.5 crores  or 
  • Dealer opts for Composition Scheme

For the Period from 15.11.2017 onwards :

Notification No 66/2017 Central Tax  Dated 15th November, 2017 : No GST on Advance Payment for Goods if the person did not opt for the composition levy under section 10 of CGST Act 2017

Comment : Thus GST on advance received for goods was required to be paid dealer opts for Composition Scheme

GST on Advance Payments received for Services

You can refer this article GST on Advance received for Services which will explain why you needs to pay  GST on advance received for services

As on date, there is no notification issued that there is no GST on Advance Payments received for Services. Thus you are required to pay GST on Advance Payments received for services.

Relevant Study material on  GST on Advance Payments

[Video ] GST on Advance Payments : Notification Analysis

GST on Advance Payments made before GST Act Comes into force

GST on Advance Payments of Goods ; Services ; Analysis

GST -Taxation of Advance Payments

Is GST Tax invoice required for Advance Payment received for Goods / Services

Topic Wise Commentary on GST Act 

GST on Advance Payments

For more you can also visit Govt GST Website

 

 

Direct Taxes Ready Reckoner
Service Tax Ready Reckoner
Company Law Ready Reckoner
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