17 August 2024
Under construction property sold for 6400000 received money in 3 instalments of 2400000 lakhs, 2000000 lakhs and 2000000 lakhs before the sale deed is registered. All advances are shown in GST and GST was paid. The Property was registered on 17-08-2024 but the sales entry and adjustment with advance is not done after registry. Is there any interest or penalty payable for the same. Sale Date : 17-08-2023. Amendment for rectification will be done in August 2024.
18 August 2024
Actually it was omitted as the Property developer didn't intimate the accountant that that the registry was done. But all the advances received was duly shown in GST and GST was paid thereof.
CAclubindia
