hard20 pts · first answer countsgsttime-of-supply

Advance received for goods

A regular (non-composition) GST taxpayer receives an advance for goods to be supplied next month. Is GST payable on the advance?

A.No; under a notification, GST on advances for goods is not payable, and tax is paid when the invoice is issuedB.Yes, at the time the advance is receivedC.Yes, but only under IGSTD.Only if the advance exceeds 50% of the order value

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Advance received for goods

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