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Tag: GST on Advance

GST Article

GST Levy and ITC on Advance Receipts Bombay HC upholds equal treatment

byVikash Agarwal15/11/202415/11/2024

In a significant judgment, the Hon’ble Bombay High Court upheld the GST levy on advance receipts and overturned the denial of Input Tax Credit on such advances. The court’s ruling is summarized below:

AAARGST Article

Difference between advance money and deposit amount

byAdmin11/01/202026/06/2022

There is a difference between advance money and deposit amount. The advance is received toward goods or services to be…

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