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Handling deposits in GST

For deposits received or paid, what is the treatment for GST?

Deposits paid/received can be broadly classified as either security deposits or advance payments.

If the deposit is for the future supply of goods or services this would be an advance payment. GST has to be computed on the amount.

On the other hand, if the deposit is refundable, then it is a security deposit and would therefore not incur GST.


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