Gst reversal on retained money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2018
As per law if not paid to supplier within 180 days gst required to be reversed.
My query is
Whether gst is required to be reversed on retention of money?
There is a project which will complete in 5 years so sum amount of retained and not paid to supplier till the project complete. We book the full amount of gst on invoice but 10% of which not paid to supplier then whether it is mandatory to reverse gst on that 10% portion.
My query is
Whether gst is required to be reversed on retention of money?
There is a project which will complete in 5 years so sum amount of retained and not paid to supplier till the project complete. We book the full amount of gst on invoice but 10% of which not paid to supplier then whether it is mandatory to reverse gst on that 10% portion.
25 May 2018
No need of reversal on such retention amount as 90% amount is paid.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2018
Thanks sir but can you tell where it is mentioned in cgst act/sgst act that after 90% of payment no need to reverse the credit
26 May 2018
90% payment will be considered as bill payment hence no reversal is required.
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