Question25:
We are construction company dealing in work contract services wherein we have to follow accounting standard 7 “accounting for construction contracts” and to recognise revenue of percentage completion method . In many instances work done up to 31st March but not billed where recognised as revenue / turnover as unbilled revenue invoice of which will be raised in next financial year . What will be impact of same on annual return as turnover with 3B /1 and financials will differ ?

Answer:
This kind of difference between GSTR-3B and GSTR-1 relating to unbilled revenue shall be reconciled by GST Auditor in GSTR-9C Table 5B and 5H accordingly.
(Reply dt.23/05/2019)