GST ON BUILDERS & DEVELOPERS
This query is : Resolved
18 August 2020
we are in the buisness of builders & developers
We charge GST @ 12% on sale of flats. But we collect from party only 5%. so the difference is loss to us. how to record it into books of accounts. please guide
We charge GST @ 12% on sale of flats. But we collect from party only 5%. so the difference is loss to us. how to record it into books of accounts. please guide
19 August 2020
That means you are bearing the GST @ 7%. You can charge it to expenses.Open an account "GST loss on sale" .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
