Taxability of Advances under GST | GST Returns | GST Basics

It is very usual for any business to receive advances while doing business. The GST law explains the procedures to be followed when receiving an advance and the taxability of advances. An interesting point to note here is you don’t have to pay GST when receiving advances for the supply of goods. However, do you know that you have to pay GST on advances to supply services?. This video explains all about advances under GST.

Click on the below link to try Clear GST:
https://cleartax.in/gst.

Also, please click on the below link to follow our news portal “ClearTax Chronicles”:
https://news.cleartax.in/.

This video covers:

00:00 Introduction
00:54 Issuing Receipt Voucher
01:15 Calculation of GST on Advances
03:32 Reporting Advances in GSTR-1

To help individuals and businesses like you, we create various videos related to taxes, savings and finances.

💰 Subscribe to get clear explanations of finance concepts: https://www.youtube.com/cleartaxindia...

→ Watch next – All about GSTR-1 | What is GSTR-1 | Applicability | Due Date | Claim ITC | Late Fee | Penalty
(   • All about GSTR-1 | What is GSTR-1 | A...  )

→ Recommended Playlist – GST Updates (   • Are e-Way Bill Generation Issues Dela...  )

Let’s connect:
IG –   / clearfromcleartax  
Twitter –   / clearfromct  
FB –   / clearfromcleartax  
Linkedin -   / clearofficial  

#AdvancesUnderGST #GSTAdvance #SupplyofGoods #SupplyofServices #GSTonAdvances #ReceiptVoucher #ReportingAdvances #GSTR1 #GSTReturns #GSTBasics #GSTSoftware #Clear