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project completed but payment due
we have completed our project before 31st March but payments from many clients are still due. let me know what GST will be applicable 5 or 12%?
Replies (5)
12%
Appears to be 5%...
Please refer article written by me
https://www.caclubindia.com/
agreed with CA Haritha. It will be treated as a project which commences on or after 1/4/2019 as per explanation in clause xxvii. You will have to pay tax at 5% or 1% and reverse ITC.
Recent FAQ released on 14th May'19, says to pay GST @ 12% (sl. no. 10). But I feel the same do not have legal backing and further FAQ's itself mentions that notification overrides FAQ's.
Link to FAQ's - https://www.cbic.gov.in/resources//htdocs-cbec/gst/FAQ(II)-Real-estate-sector-1405.pdf;jsessionid=78A855DF8CF741286C88A272FD172CCE
@ CA Haritha thank you. was not aware of the latest FAQ. I feel that ToS provision provides legal backing as clarified in FAQ
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