Sir/ Madam
Please share the links of detailed points to be kept in mind while auditing a builder and developer. Calculation of reversalable ITC, Identification of advances and other payments on which GST payble, Expenses on which GST payble, Calculation of GST on sale of developed plots, verification of Trans 1.
What are the GST evasion prone areas for builder and developer and how adjust them.
New task, please guide.
thanks in advance.
Key Issues in Auditing Builders Under GST: Stock Interpretation, Advance Handling, ITC Reversal, and Reverse Charge Mechanism A discussion on auditing builders and developers under GST regulations highlights key issues such as the interpretation of stock in semi-finished goods, invoicing before receipt, handling advances, and ITC reversal for projects completed before April 2019. Transition challenges into fiscal year 2019-20, agreements between landowners and developers, and the reverse charge mechanism for raw materials are also noted. Participants emphasize the complexity and evolving nature of GST in real estate, advising engagement with experienced professionals. Additionally, the importance of auditee behavior towards auditors is stressed, and a resource link is provided for further reading. (AI Summary)
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