How to treat work-in-progress in GST/Income Tax

This query is : Resolved

Mahabir Prasad Agarwal (Querist)
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31 December 2020 Sir, I have partially completed a work-contract till 31.03.20, but still a lot of completion is to be finished. Bill has not been raised by me yet. But I have purchase bills of raw materials. Hence, I have only purchases and input and not sale and output. For Income tax, there is only purchases e.i. net loss. And for GST, there is only input. Sir, how should I treat the above in GST and Income tax ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 December 2020 Raise monthly tax invoice based progess of work both for GST and income tax.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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02 January 2021 If a prepare sale invoice based on value of my work done without submitting the same to the state govt.deptt. for income tax & GST only and deducting the sale bills amounts from final bill, will it be advisable ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 January 2021 Yes, it's advisable, submit also monthly invoice to state government.

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