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ADVANCE RECVD FOR WORK CONTRACTS
is gst applicable on advances recd in work contract business?
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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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