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%.
can i pay tax 1% on advance recived form customer in real state business.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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Aggarwal Sarawagi and Co
New Delhi
CA
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CAclubindia
