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GST on advance received for supply of goods or services

July 5, 2018[2018] 95 taxmann.com 54 (Article)
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Neither excise duty nor VAT was required to be paid on receipt of advance for supply of goods. But, under the GST regime, the legislature made a provision for payment of GST on receipt of advance for supply of goods. Besides, the provision pertaining to payment of tax on receipt of advance for supply of services under service tax regime was also retained under GST regime. Government has however made some relaxation pertaining to advance received for supply of goods w.e.f. 13.10.2017.
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