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FAQ – 17

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 […]

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GST Tip – 398

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.

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GST Tip – 184

As per the CGST Act, a receipt voucher can be issued for recording the receipt of advance from the customer under GST, as taxes are applicable on receipt of money under GST for the supply of goods and services.

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