Please help GST on works contract

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Student
1374 Points Posted on 17 January 2020
Payment is received in instalment for flat. How to show the same in gstr 1. Do we show the installments as advance and later adjust the same. Or do we show the same as sale on receipt basis?
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On 17 January 2020 at 16:26 Report
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Quick Summary
This discussion addresses how to correctly report instalment payments received for flats in GSTR 1. The consensus leans towards showing these payments as advances initially. Once the flat is handed over, these advances can then be adjusted. The key factor influencing this treatment is whether possession of the flat has been given to the buyer.

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"Do the Right Thing...!!!"
128157 Points Posted on 17 January 2020
Shiw the payments as advance. After that You can reverse the same...


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On 17 January 2020 at 18:44
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GST Practitioner
55067 Points Posted on 19 January 2020
Have you given the possession of flat ????
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On 19 January 2020 at 00:55
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Student
1374 Points Posted on 19 January 2020
No have not
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On 19 January 2020 at 10:15

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