Assess maintained a functional hall registered in gst act.
Total income and expenses detailes for one month
Rents income from functional hall rs.3,00,000/-
Advance received from customers Rs.50,000/-
Salary paid to workers Rs.1,20,000/-
Electricity charges rs.20,000/-
Cleaning charges rs.1000/-
How to Calculation of input and output and gst tax payble for one month in gstr3 and gstr1.
Being supplier of service the time of supply will be attracted upon issue of invoice or payment received whichever is earlier. According GST will be payable on Rs 3,50,000/- ( 3,00,000 value of taxable supply + 50,000 as advance) .
As far as expenses, GST is not applicable on salary paid and electricity charges and thus question of ITC does not arise. However any GST paid on cleaning charges can be availed as input tax credit subject to Sec 16 and 17 of the CGST Act, and only net payment can be made.
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