What are the various reasons where the GST Liability as per financial statements and GST Returns could be different? There could a difference due to the following reasons commonly a) Revenue Recognition b) Stock Transfer outside the states c) Advance Receipt from customers d) GST on paid on job work if not returned in stipulated time […]
As per Notification No 66 – Central Tax , GST is not required to be levied on receipt of advance from the customers in case of supply of goods. This notification suppresses the Notification No. 40/2017-Central Tax which exempted for levy of GST of advance receipts from customers with a turnover less than Rs 150 Lacs.