Yasaswi Gomes new (Finance ) (4514 Points)
24 July 2023Hi
Isn't GST taxes levied on goods and services and tds levied on Payments and receipts?
Both are payable.
If a merchant records only GST transactions but not tds. Now I'm asked to make tds transactions over the below transaction
Dr. Repairs and maintenance towards contractor
Dr. GST
Cr. Bank
Now how to include TDS into this transaction
Txs
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 24 July 2023
You book the entry first
Repairs & Maintenance A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Contractor A/c Cr
To TDS payable A/c Cr
( Repairs & maintenance payable after deduction of TDS )
Then you pass Payment entry
Contractor A/c Dr
To Bank A/c Cr
( payment made to contractor after TDS deduction )
TDS Payable A/c Dr
To Bank A/c Cr
( TDS Deposited in Govt Account )
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