01 February 2024
Mr. A is an agent between fisherman and the companies/entities. Company/entity will pay entire amount(incl. Mr. A's commission) to Mr.A's Bank account and from that Mr.A will transfer/pay the amount to the fisherman. Mr.A will declare his turnover/income to the extent of commission received. After introducing Sec 194Q, now the companies started deducting TDS on payments to Mr.A. Whether Mr.A should show the entire amount received from company/entity as turnover? If Mr.A is showing the entire amount as turnover then he will cross the GST limit of Rs. 20 lakhs. If so, at what percentage GST will applicable to him?
CAclubindia
