Treatment of GST Paid if Flat Booking Cancelled by Buyers : Issues

By | October 22, 2017
(Last Updated On: October 22, 2017)

Suggestions on GST Implementation Issues 28.09.2017 by ICAI

47. Treatment of tax paid on units cancelled

Under CGST Act, Section 34(2)provides that any registered person who issues a credit note
in relation to a supply of goods or services or both shall declare the details of such credit
note in the return for the month during which such credit note has been issued but not later
than September following the end of the financial year in which such supply was made, or
the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability
shall be adjusted in such manner as may be prescribed.

Issue

A Builder has issued demand note in the month of March. Buyer has cancelled the unit in
December i.e. after filing of GSTR for the month of September. Now, how builder can avail
credit/benefit of GST paid earlier at the time of demand note or builder has the option to
go for refund.

 

Suggestion

Suitable clarification be provided.

Read Complete Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee in PDF

Download TaxHeal Mobile App

Related Topic on GST 

TopicClick Link
GST Acts Central GST Act and States GST Acts
GST RulesGST Rules
 GST FormsGST Forms
GST RatesGST Rates
GST NotificationsGST Act Notifications
GST CircularsGST Circulars
 GST JudgmentsGST Judgments
GST Press ReleaseGST Press Release
GST BooksBest Books on GST in India
GST CommentaryTopic wise Commentary on GST Act of India
GST You Tube ChannelTaxHeal You Tube Channel
GST Online CourseJoin GST online Course
GST HistoryGST History and Background Material

 

Direct Taxes Ready ReckonerService Tax Ready ReckonerCompany Law Ready Reckonertax deduction at source
New Books Released on Tax , GST and law

Leave a Reply

Your email address will not be published. Required fields are marked *