dear experts,
we are real estate developers,
from 01.04.2019 we have opted for new rates i.e 1% & 5%.
prior to 31-03-19 we have paid GST @ 12% on booing amount,
now customer want to cancel the booking & want money back.
can we adjust the GST paid earlier (against future liability) via credit note in gst return.
Can adjust..
But credit note can be raised i) before 30th Sep'19 for invoices pertaining to FY 18-19 and ii)before 31st Mar'19 for FY 17-18
Logically if flat is booked prior to FY 18-19/17-18, credit note cannot be raised to that extent of prior period..
But practically it may not be possible as flat can be cancelled at any point of time..
If possible we may try to tell the customer that GST amount is not refundable..
CAclubindia
