Receipt of Services - when to avail Credit under GST Law
Nice article. As per provisions Invoice is not be issued for the advances received though the GST has to be paid on such advances in terms of Time of supply provisions. In respect of advances received the supplier is required to issue Receipt Voucher which is not a valid document to avail ITC. Hence, it appears that it is a conscious decision to not to allow credit of tax paid on advances in view of the facts mentioned above and provisions are also in tune with each other. But conceptually since tax is collected it has to be allowed as ITC also as it was in earlier regime.