Hello
I have few questions on ITR and TCS. Sharing the matter with hypothetical number.
The client for whom I work is Government body.
When I raise a bill of 100 Rs, Gst of 12 percent is added up and Final bill amounts to 112Rs.
Here Taxable value is 100
And invoice value 112.
Now the client deducts 1 percent TDS and 2 percent TCS (CGST AND SGST) Of taxable value...ie TDS 1% OF 100 AND TCS 2 Percent of 100.
TDS Is deposited in Income tax and TCS in Gst portal.
Q1) After matching gst to be paid with input tax credit... Can we take refund of TCS in account from gst portal?
In income tax form 26AS, Turnover show is taxable bill value.. ie 100 Rs, Q2) Don't we show invoice value inclusive of Gst in turnover?
If we turnover of 100 Rs only, while creating balance sheet.. Q3) What will be sundry debtor value 100 Rs Or 109Rs( 112- TDS 1 -TCS 2)
Thanks in advance !!
CAclubindia
