ITC in respect of Advance Payment prior to GST

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....TC in respect of Advance Payment prior to GST<br> Query (Issue) Started By: - Alisha Maini Dated:- 23-6-2017 Last Reply Date:- 23-6-2017 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Hello s....

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....ir, 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 say....

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....s it and what would be the procedure to claim it. Thanks Reply By Ganeshan Kalyani: The Reply: Advance received on or after 01.07.2017 for future supply of taxable goods, then receiver has to pay t....

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....ax on such advance amount. There is no implication for advance already received before 01.07.2017. Reply By MUKUND THAKKAR: The Reply: Agree with Ganeshji view ..<br> Discussion Forum - Knowledge ....

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