GST on Advance Payment
Definition
The GST treatment of advances received for a supply. For services, tax is generally due when an advance is received; rules for goods have changed over time, so the current position should be confirmed.
Related Terms in India GST
Dynamic QR Code (GST)
A scannable code required on certain B2C invoices under GST that lets a customer pay digitally, aimed at promoting electronic payments. Applicability depends on the supplier's turnover.
Section 115BAC (New Tax Regime)
The provision setting out India's new personal income-tax regime with lower slab rates but most exemptions and deductions withdrawn. It has become the default regime, with the option to choose the old one.
Set-Off and Carry-Forward of Losses
The income-tax rules allowing losses under one head to be set off against income, and unabsorbed losses to be carried forward to future years within limits. Different loss types have different set-off and carry-forward rules.
Clubbing of Income
Income-tax provisions that add certain income of a spouse or minor child to a taxpayer's own income to prevent tax avoidance by shifting income within a family.
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