Input claim

This query is : Resolved 

15 December 2017 Hello All Experts and CA's
Pl guide if a contractor build a property for other client, in due course, the contractor purchase material etc.
Can the contractor claim input tax given by him on purchase of materials in his GST Return according to new rules?
What is the rate of GST FOR INVOICING TO THE CLIENT?
Regards

16 December 2017 Input credit can well be claimed and GST rate is 12% (where value of land is included);

16 December 2017 This is in reference to your reply, If the value of land is not included. Value of land means in this case. Pl clarify. I have handed over the property to the client after constructing the building.
Pl advise


16 December 2017 Format of Invoice for Non GST client. Pl provide.

16 December 2017 Where in an agreement for sale cum development of property undivided portion of land is also transferred then 12% GST is applicable on the invoice value, considering 1/3 of the as the total consideration as deemed value of land . In case of consideration received after completion no GST is applicable.

16 December 2017 Madam
I am only developing the property not selling. My agreement is to develop and handover to the owner. Pl provide the format of invoice
Pl advise.

18 December 2017 In that case rate would be 18% GST; Format is same as tax invoice; Only GSTN of the recipient would not be appearing.

19 December 2017 Madam
Suppose my contract is of Rs.100000/-. I made invoice of Rs.118000/- inclusive of GST @18%. My client is not having GST No. What will be my taxable sale is it 100000/- or 118000/-.
Also please tell the accounting entry of it.
Regards


21 December 2017 Your taxable sale would be Rs. 100000/- and GST in invoice would be shown at 18000/-.
Accounting entry could be
1. Customer Ac/ Dr 118000;To Service Sales 100000/- To GST Payable 18000/-
2.Bank A/c Dr. 118000 ; To Customer A/c 118000/-
3. For GST payment:- GST Payable A/c Dr. 18000/- To Bank A/c.18000/-



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