GST on Advance Payments refers to the tax liability that arises when a business receives payment before supplying goods or services. Under GST law, tax is payable on advances received for services, but not typically for goods, unless specifically notified. When an advance is received, the supplier must issue a receipt voucher and pay GST at the applicable rate. This ensures timely tax... https://www.skmcglobal.com/blog/gst-on-advance-payments-a-comprehensive-guide