GST ON BUILDERS & DEVELOPERS
This query is : Resolved
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
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
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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