Construction Business

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accountant
148 Points Posted on 10 November 2019
  1. Construction Business

In case of construction business, as per Income Tax and accounting purpose, Turnover is calculated on Percentage of completion method, while GST is applicable on an advance receipts.

Que: Which turnover is to be considered for filling of Annual return?

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On 10 November 2019 at 22:33 Report
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Sr.ACCOUNTANT
172 Points Posted on 11 November 2019
Turnover in Gst annual return will be total of invoice issued on completion/ on party completion during the FY


GST is applicable on advance. and you have to angst it against the proper bills
In annual return you can show the advice received and adjusted during the FY separately as it is not part of turnover

turnover will be the total of the invoice only
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On 11 November 2019 at 14:09
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GST Practitioner
29904 Points Posted on 12 November 2019
As per GST , the Aggregate turnover does not include Advances , hence advances not included in GST turnover.
Refer definition of Aggregate turnover in section 2(6)of CGST Act
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On 12 November 2019 at 00:23

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