Businesses need not deduct GST on advances received for goods supply

The government has exempted businesses from deducting GST on advances received for supplying goods in future, a move which will help unblock working capital of firms. The Central Board of Excise and Customs ( CBEC ) last month said that businesses with turnover up to Rs 1.5 crore are exempt from deducting Goods and Services Tax (GST) on advance payment for supply of goods. The CBEC, through a noti…