GST on unbilled revenue
This query is : Resolved
25 October 2020
Dear Sir,
Deal All,
We got works contracts project from Government Department for construction of canals, roads and drainage around Rs.18 Crores for the FY 2019-20. We have received Rs.2 crores from Department based on completion of work and paid GST on advance amount. During the year, we have completed works around ratio of 70% to 75%. My queries is whether GST applicable or not, if we made provision of unbilled revenue around 7 to 8 crores for the year end, if we did not issue invoice or advance not received from Department.
Dear Sir,
Deal All,
We got works contracts project from Government Department for construction of canals, roads and drainage around Rs.18 Crores for the FY 2019-20. We have received Rs.2 crores from Department based on completion of work and paid GST on advance amount. During the year, we have completed works around ratio of 70% to 75%. My queries is whether GST applicable or not, if we made provision of unbilled revenue around 7 to 8 crores for the year end, if we did not issue invoice or advance not received from Department.
26 October 2020
In case of works contract your invoicing/payments are guided by the terms of the contract. Mere making provision for unbilled revenue is not a problem. But if you were to issue invoice by March 20 as per contract but you did not raise then there will be issue from the department. It may be seen in the audit by the department.
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