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gst-works contract
incase a contract for repairs of building is entered into and the contractor receives advance,should the contractor pay tax on whole of contract amount entered at the time of agreement or only on the advance?
Replies (6)
The taxpayer receiving advance must pay GST on advance received. Thus, contractor has to pay GST on the advance that he has received.
thank you for the reply
If providing work service as a sub contractor GST applicable on advance received .
Gst is applicable on advanced in case of construction business
in the case of any service activity, if any Advance is received GST is applicable, exemption is only for good.
The general rule for time of supply for services is earliest of the following –
1. Date of issue of invoice
2. Date of receipt of payment/advance
3. Date on which invoice should be issued
Advance received against supply of goods are exempt
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