TaxTMI 
TaxTMI 
Audit of builders
X X X X Extracts X X X X
X X X X Extracts X X X X
....udit of builders<br> Query (Issue) Started By: - Rajesh Kumar Dated:- 6-2-2022 Last Reply Date:- 8-2-2022 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>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 pay....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ble, 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. Reply By Altamush Zafar: The Reply: Major issues for builder: 1) ITC taken through Tran-1 especially interpretation of stock in semi finished goods 2) Invoicing and paying GST before receip....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t 3) Receiving advances and their adjustments 4) Reversal of ITC in case of completed projects before April 2019 5) Transition into FY 2019-20 6) Landowner and developer agreements pre FY 2019-20 and post 2019-20 7) Treatment of developed plots. 8) Reverse charge mechanism for raw materials from unregistered persons There are many more since real estate since beginning was not compatible wi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....th GST or rather I should say that GST was not compatible with real estate. Regular amendments were brought and gray areas still exists. Engage a professional having experience in the industry for more detailed insights. Reply By Shilpi Jain: The Reply: The best way to go about this is to first understand and acquaint oneself of the various provisions applicable to this industry. Once this is....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... clear, rest all would be in place. Reply By KASTURI SETHI: The Reply: Sh.Rajesh Kumar Ji, Agreed with both experts. I add as under :- First and foremost point to be taken care of by the auditee is that his/her behaviour with the auditors must be polite, disciplined and submissive. Tone and tenor both matter a lot. These guidelines are meant not only for you but for all the auditees. Reply ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....By Ganeshan Kalyani: The Reply: Sir, pls find link - https://www.taxmanagementindia.comhttps://www.taxtmi.com/article/detailed?id=9298&Search_text=article%20on%20real%20estate%20builder<br> Discussion Forum - Knowledge Sharing ....