TMI BlogReal estate Company - Refund due to delay possessionX X X X Extracts X X X X X X X X Extracts X X X X ..... dear sir, my Query is what may be the Accounting treatment Accounting entry of refund of money to the buyer due to delay possession of Property. Can we adjust the same with the outstanding money ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be received from buyer if yes, what should be the accounting treatment for the same? further what may be the Tax (GST or other) implication in above sase? Thanks in advance! - Reply By KASTURI S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ETHI - The Reply = This transaction is covered under Schedule-II (Serial No.5 (e) under Section 7 CGST Act ) ACTIVITIES [OR TRANSACTIONS] TO BE TREATED AS SUPPLY OF GOODS OR SUPPLY OF SERVICES ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (e) agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act. GST is applicable - Reply By Ganeshan Kalyani - The Reply = If you are going to gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve the money to buyer then there is not tax applicable. Because it is an income to the buyer and penalty for you. Penalty will look bad in books. You can explore giving discount to that extend. - R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply By KASTURI SETHI - The Reply = The word, 'consideration' is nowhere mentioned in Schedule-II. - Real estate Company - Refund due to delay possession - Query Started By: - dhiraj kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 1-8-2019 Accounting - Auditing - Got 3 Replies - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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