Hi,
one of my client doing Constraction contract work. He getting amount as advance from client to build the buildings. now the issue is under gst act advance received from client 18% is applicable to constraction industry or Not.
if it is exempted from gst tax, how to treat in 26as, amount showed in 26as.and GST -9.
please guid as.
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Advance payment under GST for Constraction Industry
Replies (7)
Quick Summary
Yes, advance will be treated as inclusive of GST.
Hi, sir thanks for your response, advance received for purchase of materials for site. how can pay gst, if our client doing professional service gst applicable. but for constraction contrat how to treats.
For your client it may be for purchase of material, but the amount is going to be adjusted against the contracted amount, while the contractor is going to charge GST over the contract. Thus, the amount is inclusive of GST.
Thanks for your reply sir.
You are welcome.
As per Schedule 2 construction activities is cover under services & Advanve against services GST attracts.
Yes GST on advance can be deposited by computing it including GST.
Yes GST on advance can be deposited by computing it including GST.
Thanks for your reply.
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