Menu
GST on works contact
one dealer got money for a construction work in July 2017 ,but work started only in 2022, so GST paid only now.ls interest payable by him for the delay
Replies (7)
Quick Summary
GST is not applicable on advance received.
If invoice was raised in 2017 then interest is applicable
If invoice was raised in 2017 then interest is applicable
Gst applicable on advance received for services
Sir,is interest payable for the advance received in 2017 @ 18%.but the work started only in 2022.It was evident from the balance sheet that the advance was received in 2017-18.
Note that GST is payable on advances. So, Interest is applicable from 2017 even work is started or not yet started.
If you say it is a Security Deposit, then GST not payable on the same.
Gst applicable on advance received for services
Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=595131
Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=595131
In case of Services, GST is applicable on advances and Provision of Section 13 shall be applicable. Accordingly, Liability to pay GST Start from very first day of Receipt of advance. Hence Interest shall be applicable after the due date of filling of GSTR3B Return of respective month
Ok,thank you sir
👍🏻👍🏻
Recent Topics :
- CAPITAL GAIN REG
- Built a simple tool to automate client document fo
- Capital Gain on Sale of SRA Allotted Flat Received
- Discrepancy in Auto populated figures in GSTR1 of
- What should I do after receiving a GST Show Cause
- Discuss and Download CA Inter Question Paper Septe
- Hi experts needed some help
- Gift of Immovable Property u/s 92 of Income Tax Ac
- NSE BSE Pre-open session changes from 7 September
- Financial statements for non corporate entities
Related Topics :
CAclubindia
