As per Time of Supply of Goods
Gst is payable on earlier of Invoice
Last Date of Invoice
Date of Payment
Hence,if payment received in advance,GST was payable on advance received
This condition has been removed now from 15 Nov 2017 vide Notification 66/2017
Hence,if advance received by Trader or Manufacturer,but goods not yet sold,now no GST is payable
However,receipt voucher is still to be issued by Trader/Manufacturer on receipt of advance(even though no tax is to be paid to govt)
Note:-
This concession is only for goods,not servicesHence GST is payable if advance received by Service Provider
In case of Reverse Charge,if payment made in advance,still reverse charge is applicable for both gods and services.
Note:-
GST has had other changes. See GST Changes on the 10 November Meeting
