Works contract receipt
This query is : Resolved
25 March 2022
Dear Sir,
I want to know weather works contract receipt comes under sales a/c or direct income A/c?
Because, in VAT bill there was a bifurcation of labor bill and the material bill. And we considered material bills under sales and labor bill under direct Income.
But in GST there is no such bifurcation. now how should we consider the contract Receipt?
Thanks in advance
Sowmya Santhosh
I want to know weather works contract receipt comes under sales a/c or direct income A/c?
Because, in VAT bill there was a bifurcation of labor bill and the material bill. And we considered material bills under sales and labor bill under direct Income.
But in GST there is no such bifurcation. now how should we consider the contract Receipt?
Thanks in advance
Sowmya Santhosh
25 March 2022
Consider it under sales account. It will form part of turnover.
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