Hello sir,
I am registered in GST. My business is real estate.
I have return the advance receipt which I have received before GST regiam.
Now my question is can I consider In gst or not ??? Can we reduce gst on that amount or not ?
Kindly guide
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Real estate and construction
Replies (9)
GST amount paid on advance amount, which is refunded subsequently, can be adjusted through regular GST returns. In this regard reliance is placed upon the table number 9 of GSTR-1 form notified vide CGST Rules 2017.
Aparna
In 2017 you hv received advance and returned the same.
I do not think you can consider it now.
any supplies received on your part.
if not it will be shown as advance received.
In 2017 you hv received advance and returned the same.
I do not think you can consider it now.
any supplies received on your part.
if not it will be shown as advance received.
In my view you need not to consider the GST on the amount.
Now there will not be any GST liability on such advances as under pre-GST regime, you would have already considered service tax on advance receipts (if applicable).
Read the applicability of gst .
goods and service received for furtherance of business in lieu of consideration then gst is applicable.
Here gst is not applicable since goods is not supplied or services is not rendered as per basic eligibility conditions.
Generally advance received for completed contracts is subject to gst.
goods and service received for furtherance of business in lieu of consideration then gst is applicable.
Here gst is not applicable since goods is not supplied or services is not rendered as per basic eligibility conditions.
Generally advance received for completed contracts is subject to gst.
Expert advice and advice from multiple sources are definitely good options and probably CAclubindia is one among such multiple sources.
Mid Mod Contact, North & Co. LC........... E Thomas Rd Phoenix, AZ 85018
It is amazing to know that an organization located in Arizona is able to provide expert advice on Indian Statutes!
Whatever I have reteriated it's final.
Gst on house
There is no problem you can adjust the same .Provided it can be shown for furtherance of business.
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