Are we liable to pay gst on advances as on 1/07/2017?
Yes, advance received attract GST.
Sir advances standing as on balance sheet date?
Either u can return the same. or classify the same as deposit in balance for any other reason (other than goods).
Advances to attract GST plus Advance Receipt will have to be collected from the person to whom Advance has been made.
No provision for that. So there is no GST payable in advances lying as at 30th June 2017.