04 March 2021
A buyer has paid an advance of ₹10 lakhs for a commercial property which is under construction. Sale deed will be made for ₹25 lakhs after the completion.
1) Is GST applicable on the advance amount of ₹10Lakhs or the whole ₹25Lakhs?
2) If GST is applicable only on advance of ₹10Lakhs since remaining ₹15 lakhs is received after completion, how to show it in the returns?
thanks in advance.