REGARDING ADVANCE RECEIPT.
This query is : Resolved
29 January 2020
WHETHER ADVANCE RECEIVED REGARDING CONSTRUCTION IS INCLUDED IN DEFINATION OF TURNOVER..?? WHETHER IT ATTRACTS LIABILITY FOR GST AUDIT.?
29 January 2020
It will be part of turnover liable for GST.
30 January 2020
As and when an advance is received for a flat before Occupation Certificate, the promoter is required to pay GST on advance and need to adjust with the tax liability when actual supply is made.
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