TaxTMI 
TaxTMI 
What happens to open advances which are collected issuing proforma Invoices upto 30th June 2017 ? How do we invoice for same in current regime if goods and services against the same were not supplied upto 30th June 2017.
Advance on Contracts upto 30th June 2017
24 Aug 2017 
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Treatment of advances for GST: pre-GST taxed advances offset GST liability; transitional credit migrated via TRAN-1.
Where service tax was paid on an advance received before the appointed day, that advance is not subject to GST and the taxable value for the service supplied later is computed after deducting the advance; any credit relating to tax paid on such advances is to be calculated and migrated under the prescribed transitional procedure using TRAN-1. (AI Summary)
Where service tax was paid on an advance received before the appointed day, that advance is not subject to GST and the taxable value for the service supplied later is computed after deducting the advance; any credit relating to tax paid on such advances is to be calculated and migrated under the prescribed transitional procedure using TRAN-1. (AI Summary)