Incase of Government contract, value of contract is Rs 1 crore and it is inclusive of Gst of 12 percent.
Government deducts TDS OF 1 PERCENT FOR CGST AND 1 PERCENT FOR SGST.
Now whether is it fine , if we pay balance 10 percent gst or
SHOULD we pay 10 percent by adding notional value of 5 percent as margin to contract value to arrive at Value of Supply ?
Menu
Gst on Government contract
Replies (2)
gst should be paid on the transaction value ie the value of the contract at 12% and not on the balance of 10℅
Rate is 12 percent, government deducted 2 percent TDs under GST ACT, which is other TDS UNDER INCOME TAX.
we have to pay BALANCE10 percent on transaction Value
we have to pay BALANCE10 percent on transaction Value
Recent Threads
- TDS DEDUCTED BUT NOT PAID BY EMPLOYER
- GST RCM GTA
- TDS Challan interst amount wrongly paid as surchar
- Query on TDS & Stamp Duty
- Query on form 26QB and TDS deduction
- Received this confusing IT notice. How to reply
- Houston Sign Company For Custom Signs, Banners &am
- Refund due to change in GST Rate Tobacco Products
- Lease related query can we rent out lease ?
- Planning of Ceased a Business i.e Closure of Compa
Related Threads
CAclubindia
