{"id":2233,"date":"2019-10-16T11:53:17","date_gmt":"2019-10-16T06:23:17","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2233"},"modified":"2019-10-16T11:53:17","modified_gmt":"2019-10-16T06:23:17","slug":"gst-on-advance-payment","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/","title":{"rendered":"Know All About GST on Advance Payment"},"content":{"rendered":"<p>what do u mean by Advance payment under Gst, What document is to be issued by the supplier, What will be Taxable Amount for Gst, How Advance Tax will be calculated<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2232 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/GST-on-Advance-Payment..png\" alt=\"GST on Advance Payment.\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/GST-on-Advance-Payment..png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/GST-on-Advance-Payment.-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/GST-on-Advance-Payment.-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/#Meaning_of_Advance_Payment\" title=\"Meaning of Advance Payment:-\">Meaning of Advance Payment:-<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/#Advance_payment_under_GST\" title=\"Advance payment under GST:-\">Advance payment under GST:-<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/#No_Taxability_of_GST_on_Advance_For_Supply_Of_Goods\" title=\"No Taxability of\u00a0 GST on Advance For Supply Of Goods\">No Taxability of\u00a0 GST on Advance For Supply Of Goods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/#Responsibility_of_Taxpayer\" title=\"Responsibility of Taxpayer:-\">Responsibility of Taxpayer:-<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/#Issue_a_Receipt_Voucher\" title=\"Issue a Receipt Voucher:\">Issue a Receipt Voucher:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/#Calculate_Tax_on_Advance_Received\" title=\"Calculate Tax on Advance Received:-\">Calculate Tax on Advance Received:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/#Incorporate_advance_received_in_GSTR_1\" title=\"Incorporate advance received in GSTR 1\">Incorporate advance received in GSTR 1<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Meaning_of_Advance_Payment\"><\/span><b>Meaning of Advance Payment:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Advance<b> payment<\/b><span style=\"font-weight: 400;\">\u00a0is receipt of money in advance before completing supply process that is made ahead of its normal schedules, such as paying for the goods or service before you actually receive the goods or service<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Advance_payment_under_GST\"><\/span><b>Advance payment under GST:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">For the purpose of determining Taxability under GST for the advance payment, first, we have to determine the Time Of Supply. The rule for determining it is as given below:-<\/span><\/p>\n<p><strong>The Basic rule for the time of supply\u00a0for services is the earliest of the following \u2013<\/strong><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> Date of issue of the invoice.<\/span><\/li>\n<li>Date of receipt of payment\/advance*<\/li>\n<li><span style=\"font-weight: 400;\">The date on which invoice should be issued.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">In other words, this means that if the advance is received before the issue of the invoice the time of supply would be the date of receipt of advance<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"No_Taxability_of_GST_on_Advance_For_Supply_Of_Goods\"><\/span><b>No Taxability of\u00a0 GST on Advance For Supply Of Goods<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In the earlier provision of GST, GST on Supply of Goods required to be paid at the time of receipt of advance. But these provisions were creating complexity,<\/span><span style=\"font-weight: 400;\"> so to make the process simplified relief for the industry, the GST Council dropped an earlier requirement of payments of<a href=\"https:\/\/aktassociates.com\/blog\/goods-service-tax-gst\/\"> Goods and Services Tax (GST)<\/a> on advances received for supply of goods.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Responsibility_of_Taxpayer\"><\/span><b>Responsibility of Taxpayer:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Issue_a_Receipt_Voucher\"><\/span><b>Issue a Receipt Voucher:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is the Responsibility of the Taxpayer<\/span><span style=\"font-weight: 400;\"> (The supplier) to issue a\u00a0<\/span><span style=\"font-weight: 400;\">receipt voucher\u00a0<\/span><span style=\"font-weight: 400;\">to the person paying advance. The receipt voucher will contain various details like the amount of advance, the rate of tax applicable, description of goods or services, etc.<\/span><\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Calculate_Tax_on_Advance_Received\"><\/span><b>Calculate Tax on Advance Received:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">GST liability has to be calculated in regard to advance and pay accordingly while filing the return for the month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The advance received should be grossed up <\/span><span style=\"font-weight: 400;\">as advance received would be considered as the inclusive of GST.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is to be noted, When the rate of tax cannot be determined during receipt of advance GST @ 18% has to be charged.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also if the point of sale cannot be ascertained the advance is considered as interstate supply and IGST has to be paid.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/business-registrations\/tax-registration\/online-gst-registration\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2070 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/gst-registration-1.png\" alt=\"gst registration\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/gst-registration-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/gst-registration-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/gst-registration-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Incorporate_advance_received_in_GSTR_1\"><\/span><b>Incorporate advance received in GSTR 1<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Details of advances received to be declared in GSTR-1 in consolidated form as per <a href=\"https:\/\/aktassociates.com\/blog\/gst-return-filing\/\">monthly return filing<\/a> forms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although there is no need to segregate of Advances received in terms of Intra and Inter supply still Advances should be firstly segregated into Interstate and intrastate advances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The total amount of money received as of advances should be mentioned under Gross Advance Received\/ Adjusted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After this, the tax payable i.e.\u00a0<\/span><a href=\"https:\/\/aktassociates.com\/blog\/gst-types-igst-cgst-sgst-utgst\/\"><span style=\"font-weight: 400;\">CGST and SGST<\/span><\/a><span style=\"font-weight: 400;\">\u00a0in case of intrastate and IGST in case of interstate advances should be stated.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This Gst tax payable amount on advance would be added to the total amount of tax liability of the supplier.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>what do u mean by Advance payment under Gst, What document is to be issued by the supplier, What will &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Know All About GST on Advance Payment\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/gst-on-advance-payment\/#more-2233\">Read more<span class=\"screen-reader-text\">Know All About GST on Advance Payment<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - 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