No GST on advance taken by FMCG companies

In a big relief to all FMCG companies and others that take advance from dealers before they supply goods, no goods and services tax ( GST ) would be levied on such advance. The department of revenue has issued a notification allowing the relaxation after the same was approved in the GST Council meeting last week in Guwahati. The notification exempts all taxpayers from payment of tax on advances re…