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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.
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