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Advance Received From Customers- GST Implications

As we know that GST is applicable on supply of goods or services. The supply is defined under section 7 of CGST Act 2017, the important element for a transaction to be considered as supply is that there must be a flow of consideration. However, schedule I of CGST Act 2017 contains the list of the activities which are to be treated as supply even if without consideration. Sometimes the supplier of the goods or services receives..................... Read More