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 ?
2 Replies
Radhika Harsha
(Chartered Accountant)
(72 Points)
Replied 20 June 2019
gst should be paid on the transaction value ie the value of the contract at 12% and not on the balance of 10℅
Pavan M P
(B.Com)
(100 Points)
Replied 20 June 2019
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 Topics
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
Related Threads
CAclubindia
