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Sale Proceeds received in the form of Asset - Accounting and GST payment process

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This query is : Resolved

Pradeep (Querist)

01 June 2023 Hi
We are purchasing a product from manufacturer and selling it to builder

We are not receiving payment from builder in bank account, after 6 months builder agreed to register a flat on our name instead of giving money

Now how should we show this in books and how should we file GST returns

Since we are a company should we register it on company name
Waiting for expert opinions

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

02 June 2023 Raise tax invoice with GST for the supplies made to the builder.
Pass entry in books debiting builder.
Make GST payment and filing GST return.
If company don't want the flat directly regiser the flat in some one who wants to buy it and take money from him.

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