https://www.taxtmi.com/forum/issue?id=117066 Characterisation of pre-GST receipts as advance or deposit determines GST liability on opening balances: advances constitute potential consideration and attract GST on supply/invoice issuance, whereas deposits are not consideration unless applied as such. Transitional provisions preserving earlier levy may preclude fresh GST where sums were leviable under the prior regime, but refundable collections retaining deposit character do not qualify as supply and draw GST only when utilised for a supply. en-us Fri, 05 Mar 2021 18:51:36 +0530 Thu, 23 Jan 2025 15:54:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117066 Characterisation of pre-GST receipts as advance or deposit determines GST liability on opening balances: advances constitute potential consideration and attract GST on supply/invoice issuance, whereas deposits are not consideration unless applied as such. Transitional provisions preserving earlier levy may preclude fresh GST where sums were leviable under the prior regime, but refundable collections retaining deposit character do not qualify as supply and draw GST only when utilised for a supply. Discussion-Forum GST Fri, 05 Mar 2021 18:51:36 +0530 https://www.taxtmi.com/forum/issue?id=117066