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GSTR 1 in case of Builders and developer

07 September 2018

Dear team, how to show an advances received from customers against the flats agree to sell them in GSTR 1, whether to show in B2B table or in Advances received column and how to adjust it, if shown in advance table. please guide thank you

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CA SUDHINDRA D S (Practising CA) (761 Points)
Replied 07 September 2018

Whether amount received is a turnover or an advance as per GST has to be determined first and accordingly the disclosure has to be made. To determine whether it is turnover or advance, the agreement has to be looked into.