ADVANCE RECVD FOR WORK CONTRACTS
afreen shaikh (170 Points)
07 February 2023
is gst applicable on advances recd in work contract business?
6 Replies
sabyasachi mukherjee
(27837 Points)
Replied 07 February 2023
Advance received for work contract business. Gst is applicable on the work done and amount certified.
Rajendra Prasad
(Employee Private)
(1913 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
(27837 Points)
Replied 07 February 2023
While billing is completed chk andcrevert bck.
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 07 February 2023
Need to pay 18% GST on advance
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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