Input Reversal
Query (Issue) Started By: – Ethirajan Parthasarathy Dated:- 5-9-2018 Last Reply Date:- 5-9-2018 Goods and Services Tax – GST
Got 1 Reply
GST
* A developer engages various contractors for putting up the Building.
A percentage of contractor's Bill is kept as “retention money” which will be paid after long duration. Similarly some portion of Bill is not paid and kept as “hold” money for defective work which will be paid after defect is set right
Both the above could be outstanding for more than 180 days.
Does it mean the developer has to reverse the Input Credit already availed on above two components.
Reply By Yash Jain:
The Reply:
Sir,
Please pay the GST portion of retention to contractor and take an acknowl
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