ADVANCE RECVD FOR WORK CONTRACTS
afreen shaikh (160 Points)
07 February 2023
is gst applicable on advances recd in work contract business?
afreen shaikh (160 Points)
07 February 2023
sabyasachi mukherjee
(27425 Points)
Replied 07 February 2023
Rajendra Prasad
(Employee Private)
(1858 Points)
Replied 07 February 2023
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%.
sabyasachi mukherjee
(27425 Points)
Replied 07 February 2023
CA Rashmi Gandhi
(Chartered Accountant)
(86318 Points)
Replied 07 February 2023
Sujit
(Accountant)
(2 Points)
Replied 03 July 2023
can i pay tax 1% on advance recived form customer in real state business.
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