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)
6 Replies
MPR Sanjay Kumar
(3118 Points)
Replied 21 February 2023
@ Honourable CA Altamush Zafar,
dear sir , if I have total 10 sales cgst 500 sgst 500
and I have purchase cgst 200 sgst 200 ,now how to pass GST entry in tally??? please help me
with To and By concepts
dear sir , if I have total 10 sales cgst 500 sgst 500
and I have purchase cgst 200 sgst 200 ,now how to pass GST entry in tally??? please help me
with To and By concepts
Sujana Kamble
(10 Points)
Replied 21 February 2023
@ CA Altamush Zafar sir, thank you for your response.
Will it make any difference on GST to be collected
Will it make any difference on GST to be collected
sujith kumar dasa
(banglore)
(1496 Points)
Replied 22 February 2023
TDS under IT can be adjusted or refunded on filing of ITR annually.
TDS under GST, TDS Return should be submitted, post that the TDS amount gets credited to cash ledger which can be used for payment of GST or no payable in cash then we can apply for refund of same
TDS under GST, TDS Return should be submitted, post that the TDS amount gets credited to cash ledger which can be used for payment of GST or no payable in cash then we can apply for refund of same
CA Altamush Zafar
(GST Consultant)
(15971 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)
(15971 Points)
Replied 22 February 2023
@ MPR Sanjay Kumar
Raise a separate post for separate query.
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