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accounting entry for TDS under GST

mahaesh (Bangalore ) (113 Points)

14 September 2018

accounting entry for TDS under GST and Income tax TDS

scenario : Chartered Accountant rendered professional services of Rs. 500000 and POS is intra state

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8 Replies

Basava Raj (39 Points)
Replied 14 September 2018

professional services expenses account DR 500000
input cgst account Dr xxxx
input sgst account Dr xxxx
To party account 500000+cgst+sgst
To Tds on professional charges account 500000*10%

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mahaesh (Bangalore ) (113 Points)
Replied 14 September 2018

sir where is tds under gst

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 16 September 2018

TDS is not deductible over GST amount.

So, Transaction /Taxable value will be taken to deduct TDS.

dilip kumar duggar (article assistant) (116 Points)
Replied 26 January 2019

in this entry debit side total and credit side total does not match....

Basava Raj (39 Points)
Replied 26 January 2019

Mr. mahesh u can whatsApp me @ 8074442486 I can explain u in detail

Ramachandran S (Chartered Accountant) (699 Points)
Replied 27 January 2019

Credit to party a/c is 5,00,000+CGST+SGST-TDS

Basava Raj (39 Points)
Replied 27 January 2019

the entry will be as follows
professional fees account Dr 500000
input cgst account Dr 45000
input sgst account Dr 45000
To party account 570000
To Tds on profession(194J) 10000
To Cgst TDS @ 1% 5000
To sgst TDS @ 1% 5000
here the gst rate is assumed as 9%cgst and 9%sgst.