Govt works contractor-gross receipt in form 26AS
This query is : Resolved
11 October 2020
respected sir,
as per form 26AS one of my govt works contractor received three crores during fy 2019-20. tds has been made on three crore rupees as per form 26AS. this govt work is liable for 5% gst. i request you to discuss whether turnover for 44AB is total gross amount three crores or gst amount that is fifteen laks to be deducted from gross receipts please discuss
thanking you
giri
as per form 26AS one of my govt works contractor received three crores during fy 2019-20. tds has been made on three crore rupees as per form 26AS. this govt work is liable for 5% gst. i request you to discuss whether turnover for 44AB is total gross amount three crores or gst amount that is fifteen laks to be deducted from gross receipts please discuss
thanking you
giri
12 October 2020
Your Turnover is 3 crores excluding GST if you are showing GST as liability in the books of account.
If the GST is routed through PL Account, then Turnover will be inclusive of GST amount.
If the GST is routed through PL Account, then Turnover will be inclusive of GST amount.
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