ITC in respect of Advance Payment prior to GST, Goods and Services Tax - GST

[Alisha Maini]

Hello sir,

Please let me know what would be the treatment of advance payment already received as on transition date i.e. July 1, 2017.

If ITC on the same is claimable, can you tell me which Rule or Act says it and what would be the procedure to claim it.

Thanks

Posts / Replies

[Ganeshan Kalyani]

Advance received on or after 01.07.2017 for future supply of taxable goods, then receiver has to pay tax on such advance amount.

There is no implication for advance already received before 01.07.2017.

[MUKUND THAKKAR]

Agree with Ganeshji view ..