As per rules of section 51 TDS is dedicated if project cost or invoice value ₹ 2,50,000 in a year... My question is if a project started on 01/07/2018 but finished on 30/10/2018 and invoice value ₹ 3,00,000 ... At this situation
Is TDS can deduct on the invoice?
Please help me.....
5 Replies
madan mohan
(Accounts)
(140 Points)
Replied 29 September 2018
as per gst tds provisions deductee must a goverment company or local authority ,or any government company holding a company share more then 51%
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 29 September 2018
Yes ,... Tds will be applicable , as the tds is to be deducted by Govt.Concern on payment made to Supplier , so on all those payment made after 1.10.2018 whose contract value is more then 2.5lac TDS attracts
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 29 September 2018
As ‘SOP on TDS’ released recently and hosted on CBIC website says :
No TDS will be deducted if
1.Where the payment relates to a tax invoice that has been issued
before 01.10.2018
2.Where any amount was paid in advance prior to 01.10.2018 and
the tax invoice has been issued on or after 01.10.18, to the extent
of advance payment made before 01.10.2018.
Hence in your the Tax invoice has not been issued before the 1/10/2018 so any payment made after 1.10.18 TDS will be deducted
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 30 September 2018
YES IT 2.5 LAC IS PER CONTRACT OF TAXABLE GOODS OR SERVICE , NOT YEARLY
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