Are we liable to pay gst on advances as on 1/07/2017?

Are we liable to pay gst on advances as on 1/07/2017?

Add Comment
5 Answer(s)

Yes, advance received attract GST.

Answered on June 12, 2017.
Add Comment

Sir advances standing as on balance sheet date?

Answered on June 12, 2017.
Add Comment

Either u can return the same. or classify the same as deposit in balance for any other reason (other than goods).

Answered on June 12, 2017.
Add Comment

Advances to attract GST plus Advance Receipt will have to be collected from the person to whom Advance has been made.

Answered on June 12, 2017.
Add Comment

No provision for that. So there is no GST payable in advances lying as at 30th June 2017.

Answered on June 12, 2017.
Add Comment

Your Answer

Gen GST