Exempt from payment of tax on advances received for supply of goods

Exempt from payment of tax on advances received for supply of goods

Payment of GST liabilities shall be made at the time of supply of goods as specified in section 12(2)(a) (i.e earliest of date of invoice or the last date of issue of invoices) and section 14 (i.e. change in rate of Tax) of the said Act, and shall accordingly furnish the details and returns by all the registered person other than those opt for composition scheme.

Earlier such provision were applicable where registered person meet following criteria:

  1. Aggregate turnover in the preceding financial year did not exceed 1.5 crore rupees.
  2. Aggregate turnover in the year of registration under GST is likely to be less than 1.5 crore rupees. and
  3. Registered person did not opt for composition scheme as per section 10.

NOTIFICATION NO.66/2017-CENTRAL TAXDATED 15-11-2017

In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act) and in supercession of Notification No. 40/2017-Central Tax, dated the 13th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ivide number G.S.R.1254(E), dated the 13th October, 2017, except as respects things done or omitted to be done before such supercession, the Central Government, on the recommendations of the Council, hereby notifies the registered person who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made thereunder and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.

DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

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