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REGARDING ADVANCE RECEIPT.

This query is : Resolved 
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(Querist)
29 January 2020 WHETHER ADVANCE RECEIVED REGARDING CONSTRUCTION IS INCLUDED IN DEFINATION OF TURNOVER..?? WHETHER IT ATTRACTS LIABILITY FOR GST AUDIT.?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 January 2020 It will be part of turnover liable for GST.
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Amol S Joglekar

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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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