GST tax to be charged on deposits or advance paid
Whether security deposits paid for house rent or machinery or other purpose is to be taxed under GST?
Whether advance paid is considered as consideration and charged tax on it?
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1 Answer
Deposits paid for security are not covered under definition of consideration and tax is not to be charged. However advance payments are different from security deposits and are very well covered under the definition of consideration and hence tax will need to be charged.
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