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GST impact on contract
What will be impact of GST on on-going and new work contracts in case of payment made by Government.
Replies (7)
Which is d payee government i.e. State Gov or CG ??
1) TDS is required to be deducted by the government
2) Provision relating TDS has been postponed
@ A 1 arjun. Payment is made by state government in most of case
In such case 18 Gst is required to be charged in d bill and input tax credit of gst paid inputs can be utilised for such payments.
Now No composition scheme is thr for Works Contracts.. hence u shd proceed as a normal tax payer.
currently we deduct 0.60% of bill amount in case of payment over Rs. one crore. Now what percentage ? I just read section - 51 of GST Act. what is provision in this section?
currently we deduct 0.60% of bill amount in case of payment over Rs. one crore. Now what percentage ? I just read section - 51 of GST Act. what is provision in this section?
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