GST on Fish Agents along with Income Tax Provisions
This query is : Resolved
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?
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?
02 February 2024
Show entire amount as turnover GST not applicable on sale of fish. Show payment to fisherman as purchase of fish.
05 February 2024
You are welcome..
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30 September 2024
Adding to the same one. If the Mr.A falls under the tax audit purview, then under which business code this to be shown and what description is to be given?
For himself earlier and now commission based income only getting.
So can we show business as service after showing sales and purchase in P&L?
For himself earlier and now commission based income only getting.
So can we show business as service after showing sales and purchase in P&L?
01 October 2024
Show business as service commission agent.
Show only commission income in p and l and not to show sale and purchase.
Show only commission income in p and l and not to show sale and purchase.
01 October 2024
Since TDS deducted under 194Q by the companies turnover under AIS/TIS shows Rs 2 cr. So when we declare income on commission basis, will there be a chance of receiving notice from IT dept? Commission income will be closely to 3% of total receipts.
With turnover of Rs 2 cr in AIS and we are declaring commission income of Rs 6 lakhs (approx) and not conducting tax audit will the chance of notices/queries from IT dept is higher?
With turnover of Rs 2 cr in AIS and we are declaring commission income of Rs 6 lakhs (approx) and not conducting tax audit will the chance of notices/queries from IT dept is higher?
01 October 2024
Declare turnover as per AIS tax audit applicable in view of lower profit declared.
01 October 2024
Declare turnover as per AIS tax audit applicable in view of lower profit declared.
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