Gst on revenue recognition due to icds
This query is : Resolved
28 May 2018
Hi... My query is regarding real estate business. We had called 20% of total revenue as per agreement, but as per ICDS our percentage of completion is 40%. Now my query is we have already paid GST on 20%, but because of ICDS we are recognizing 40% revenue. So we have to book liability on 40%?
29 May 2018
GST not applicable on liability bookings. GST applicable only when payment is received as per agreement.
29 May 2018
Thanks to law as it does not levy on booking . . .
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