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GST ON BUILDERS & DEVELOPERS

This query is : Resolved 
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(Querist)
18 August 2020 we are in the buisness of builders & developers
We charge GST @ 12% on sale of flats. But we collect from party only 5%. so the difference is loss to us. how to record it into books of accounts. please guide
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Lekhraj sood

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Lekhraj sood (Expert)
19 August 2020 That means you are bearing the GST @ 7%. You can charge it to expenses.Open an account "GST loss on sale" .

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