There's a contract between a Govt agency and a company regarding a works contract. The value exceeds 2,50,000. Both TDS under GST and TDS under IT are applicable.
Does this lead to net TDs deduction of 4%..?
(2% under IT act and 2% under GST)
Sujana Kamble (10 Points)
21 February 2023
MPR Sanjay Kumar
(3098 Points)
Replied 21 February 2023
Sujana Kamble
(10 Points)
Replied 21 February 2023
sujith kumar dasa
(banglore)
(1496 Points)
Replied 22 February 2023
CA Altamush Zafar
(GST Consultant)
(15961 Points)
Replied 22 February 2023
@ Sujana Kamble
You will issue an invoice charging full amount of GST. But the government agency will pay you less amount after deduction of both TDS.
While filing return you will pay the full GST charged in your invoice. The GST TDS can be claimed in electronic cash ledger by filing TDS claim return.
Income Tax TDS can be claimed while filing of Income Tax return for the financial year
CA Altamush Zafar
(GST Consultant)
(15961 Points)
Replied 22 February 2023
@ MPR Sanjay Kumar
Raise a separate post for separate query.
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