Earnest money

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2017 GSTR-1....... How a real estste company can show its earnest money (advance money) received in gstr1 because it is not a sale as for now. Please guide me.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 October 2017 Earnest money deposit is nature of refundable deposit. it cannot be treated advance against supply or service. so no need to show in GSTR

Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2017 And what about advances ?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 October 2017 In GSTR-1 return column No.11 has the place to show the Consolidated statement of advances received and further adjustments