Hi Experts,
Contractor doing govt work (electrical dept) while giving contract amount to contractor govt will deduct some amount as Retention amount.
ex :-
Total Work value = 100(value)+ 18(tax) = 118
Govt payment = 60(value) + 18(tax) - 40(retention)= 78 (net payment)
**NOTE :- Gst TDS done for whole amount I.e 100.
In this scenario which amount we should take as turnover for the month?
CAclubindia
