19 October 2017
i have made govt work contract of rs 594000 and now i have received payment after deduction from 594000 ie. 2%tcs, 2% tds, 1% labour fund and 0.5% cess
now my doubt is i have to pay 12% gst on 594000 i.e aprox 72000
or 12% on the amount of
594000 - ( 12% of 594000) i.e. aprox 62000
please clear
19 October 2017
I have not given any bill. actually contract was of 6 lakhs but i have quoted 1% less hence value comes 5.94 lakhs.its percentage type work contract.i have made this through online.Govt engineer came and made recording of the work.and approved payment.i have not given any invoice to them
19 October 2017
(actually contract was of 6 lakhs)
But, Your contract based on GST including or Excluding...
If including then your basic charges is lesser than above value...
If excluding then your basic charges is differ on above...
CAclubindia
