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ADVANCE RECEIPT FOR THE SALE OF FLAT

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This query is : Resolved

HARISH BHATIA (Querist)
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07 November 2019 Dear Sir/ Madam,

one of client has running developers business , He sale a flat for Rs 35,00,000 for which he has received Rs 10,00,000 as advance , remaining amount to be paid by purchaser at the time of registration kindly confirm whether my has to pay gst on advance receipt or not , and also confirm its reflection in GSTR-3B , where i have to show , kindly guide me

CA Anita Bhadra

CA Anita Bhadra (Expert)
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07 November 2019 Yes , he has to pay GST on Advance

GST on advance received for services are subject to GST ( at the time of receipts)

He will show advance in Table 3a of GSTR 3B
Outward Taxable supplies :- Value of Taxable Supplies = Value of invoices + value of debit notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices

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