31 October 2020
A housing Society is getting construction work done through contractor whom they are paying GST 18% and collecting 12% GST on Advance from members for Flats, issuing receipts voucher against advances. Is this right? What will be its 6 digit HSN/SAC code and whether it is mandatory to be mention in Receipt Voucher? And if some advance received in pre GST period for which ST is paid and amount is now refunded back to customer in GST period, whether output tax liability need to be reversed and refund voucher need to be issued ? and how Refund vouchers should be treated in GSTR 1 as their is no Column for its treatment.
01 November 2020
Yes you are right in issuing receipt voucher. SAC not required to be mentioned but mention if known.It is 995411. In my opinion, GST is not to be paid on the refund of advance in this case.Since advance was not received in GST period, you do not need to report the refund voucher in GSTR1
01 November 2020
And if the refund received is for GST Period only? Then how to show it is GSTR 1 as there is no column given for refund of advances for refund vouchers.
01 November 2020
If the project is started before 1/4/2019 then 12% is applicable , if you opted for it,otherwise 5% for non-affordable housing.Why contractor is charging 18%? If you received advance in GST period and you refunded later, then you have to show in the refund voucher in advance adjustment table in GSTR1.
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