09 July 2023
While filing GST return for builders where the value of land (which is 1/3 of bill raised) to be shown ? Please suggest !
Thanks ...
Thank you SEETHARAMAN Sir for your valuable suggestion; but the actual case was as follows :- I did a mistake in filing my GST returns. Flat value including GST was Rs. 70, 00,000/- I calculate GST as follows 1. First I derived total GST @ 5% which was included with total value - Rs. 3,33,333/- 2. Next I deduct GST calculated in step one from total value - Rs. 66,66,667/- 3. Now from the taxable which derived in step 2 I further divide (a) value of land - 1/3 of Rs.66,66,667/- = Rs. 22,22,222/- and (b) Value of construction service - 2/3 of Rs. 66,66,667/- = 44,44,445/- 4. In my GST return I took GST taxable value as Rs.44,44,445/- and paid CGST @ 3.75% = Rs. 1,66,667/- and SGST @ 3.75% = Rs.1,66,667/- 5. If you total the total GST amount which I paid to Govt. is same i.e. 5% of Rs. 66,66,667/- and 7.5% of Rs.44,44,445/- comes as Rs. 3,33,333/- Now please suggest is there any chance for correction in GST return where I show taxable value as Rs. 66,66,667/-. And if there is no chance then what consequences to be bear in future in this regard. Please suggest?
CAclubindia
