Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

GST is chargeable or not on agreements made before july 17

dhanashri patil (accountant) (28 Points)

01 September 2017

We have made our all agreements (sale deeds) before 1st July 17, but we have received disbursement in the period of GST (i.e after 1st July 17), so my querry is should we charge GST @ 12% or Service Tax @ 4.5% on receipts

Reply
Follow
Share

5 Replies

Pratik Chopra (10 Points)
Replied 01 September 2017

Depends upon the invoice date to fill.

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 01 September 2017

You ll charge GST @ 12%. Bcoz, Invoices or Sales made after 1st July...

dhanashri patil (accountant) (28 Points)
Replied 01 September 2017

We have raised invoices before 1st july 17, also we have paid 1% VAT on agreement value on 30th june 17. Then also we have to charge GST on receivable amount??

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 01 September 2017

Originally posted by : dhanashri patil
	We have raised invoices before 1st july 17, also we have paid 1% VAT on agreement value on 30th june 17. Then also we have to charge GST on receivable amount??

No...GST not applicablefor this.

No need GST for the payment

dhanashri patil (accountant) (28 Points)
Replied 02 September 2017

I have paid 1% vat on agreement value but there is rule come in force from 1.6.17 that 1% advance vat to be paid on amount received in june 17..My querry is should i claim that extra vat paid by me on agreement value agaist gst payable.(eg.agreement value is Rs.30 lacs, vat paid 1% i.e 30k on 30 june but actually i have received only 3 lacs from customer, so in vat return i have showed that i have paid Rs. 3k on Rs. 3 lacs and Rs.27k excess vat paid which i can claim against gst liability) The treatment which i have given is correct??