CA Loan Bajaj Finserv
CA Final Online Classes
CA Loan Bajaj Finserv

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

GST on advance received for under construction property


Dilip Bhandarkar (Student)     04 March 2021

Dilip Bhandarkar
Student 
 2 likes  29 points

| My Other Post
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.

My queries-
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.
CA Altamush Zafar

CA Altamush Zafar (GST Consultant)     04 March 2021

CA Altamush Zafar
GST Consultant 
 337 likes  5765 points

View Profile | My Other Post
GST applicable on advance.
GST also applicable on the rest of the amount also.
Kishor Lulla

Kishor Lulla   04 March 2021

Kishor Lulla

 32 likes  536 points

View Profile | My Other Post
Liable as and when payment becomes due as per slabs decided in the agreement.
Dilip Bhandarkar

Dilip Bhandarkar (Student)     04 March 2021

Dilip Bhandarkar
Student 
 2 likes  29 points

View Profile | My Other Post
Even if ₹15 lakhs is paid after the completion certificate of property is received i.e when sale deed is made, buyer has to pay GST on that?
CA Altamush Zafar

CA Altamush Zafar (GST Consultant)     04 March 2021

CA Altamush Zafar
GST Consultant 
 337 likes  5765 points

View Profile | My Other Post

Yes to that also........


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  





Trending Tags