Dear friends,
i just want to know about advance received for construction of residential complex, when service tax is applicable at the time of advance received and if same is received back than what treatment is there.
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Advance received for construction of residential complex
Replies (2)
First the decision whether there is any ST liability on the activity is tobve confirmed. Assuming that there is a liability then the advacnes are liable at the date of advacne and if retured there is a provision to adjust for subsequent period and if not possible a cash refund can be applied.
As on date the services rendered is liable and advance is taxable on the date of receipt
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