Menu
ADVANCE RECVD FOR WORK CONTRACTS
is gst applicable on advances recd in work contract business?
Replies (6)
Quick Summary
Advance received for work contract business. Gst is applicable on the work done and amount certified.
And no on advance received?
Works Contracts are classified in Schedule 2 as Services. Hence any advances received against providing works contract services are liable to pay GST as per applicable GST Rate, Present 18%.
While billing is completed chk andcrevert bck.
Need to pay 18% GST on advance
can i pay tax 1% on advance recived form customer in real state business.
Recent Topics :
- Query on FCTRS
- APPLICABILITY AND BREAKDOWN OF GST COMPLIANCE ON S
- Advance for supply of goods
- Question for members: how do you manage client doc
- Clarification Required on Invoicing and Receipt of
- SEBI Registered VS NSDL Registered RTA
- Income tax or capital gain tax for Resident Indivi
- PCIT-1 Thane Email address
- CA Fees deduction for non audit case allowed?
- 5th Letter PAN Mismatch with Surname issues still
Related Topics :
CAclubindia
