REGARDING ADVANCE RECEIPT.
This query is : Resolved
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Suresh S. Tejwani
(Querist)
29 January 2020
WHETHER ADVANCE RECEIVED REGARDING CONSTRUCTION IS INCLUDED IN DEFINATION OF TURNOVER..?? WHETHER IT ATTRACTS LIABILITY FOR GST AUDIT.?
CA R SEETHARAMAN
(Expert)
29 January 2020
It will be part of turnover liable for GST.
Amol S Joglekar
(Expert)
30 January 2020
As and when an advance is received for a flat before Occupation Certificate, the promoter is required to pay GST on advance and need to adjust with the tax liability when actual supply is made.
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