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
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
Pl advise
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.
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.
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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
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/-
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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