i am a builder. i hv received contract receipt 25L till 0ct 2021.I hv taken gst reg. on nov 2021.in nov extra 20L received as contract receiept.
in nov month gst return what is the amount i should show as contract revenew??
pls reply
thanks in advance
7 Replies
prem kumar
(Manager-Audit)
(80 Points)
Replied 22 December 2021
45L, from 01 April 2021 to Nov 21, need to show full contract receipt, and same as should be Pay for GST
NICSON JOHN
(514 Points)
Replied 22 December 2021
But someone said that the amount in excess of 20L(limit of gst reg)only need to show??pls reply
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 22 December 2021
You liable for registration when you received first 25 Lac in OCTOBER 21 .
NICSON JOHN
(514 Points)
Replied 22 December 2021
So the amount recrived after oct only need to show ??pls reply
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 22 December 2021
It's better to consider 25 Lac also , In fact it is required .
prem kumar
(Manager-Audit)
(80 Points)
Replied 22 December 2021
No limit for GST. once you registered, you have to pay GST, whatever amount received by business income. need not to apply for GST registration, below 20L receipts in one financial year. that's all.
sabyasachi mukherjee
(27579 Points)
Replied 23 December 2021
As per accounting standard you cannot declare income all at one go. Proportionate method you can declare your income.
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