Contractors receipt
This query is : Resolved
Quick Summary
08 February 2021
Hello All
Pl advise. If the contractor receive amount 30lac 50k as his receipts from contract. On what amount GST will be charged. 50k or whole amount?
Pl note contract is for 30 lac with material.
Regards
Pl advise. If the contractor receive amount 30lac 50k as his receipts from contract. On what amount GST will be charged. 50k or whole amount?
Pl note contract is for 30 lac with material.
Regards
08 February 2021
GST will be charged on total amount billed. ITC can be claimed on input material and service.
09 February 2021
Thanks Sir
Whether returns will be filled quarterly. I will receive receipts after completion of contract..
Whether returns will be filled quarterly. I will receive receipts after completion of contract..
09 February 2021
GST returns to be filed quarterly and paid monthly based on billing.
09 February 2021
Sir
But bill will be issued to the party once when contract of building a property will finish. Or I have to bill on regular basis. Pl advise.
But bill will be issued to the party once when contract of building a property will finish. Or I have to bill on regular basis. Pl advise.
09 February 2021
Issue bill on regular basis.
09 February 2021
Sir
GST will be charged at what rate 18% or 12% or 5% . Pl confirm.
GST will be charged at what rate 18% or 12% or 5% . Pl confirm.
09 February 2021
18% applicable for other than government contracts. 12% applicable for government contracts.
10 February 2021
Sir. I will give the possession to owner of property after completion of floor. In this case GST no will be required. Pl confirm.
10 February 2021
You will be required to pay GST on advance payment received.
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