gst of work contact service

* You will have to migrate to GST, if not migrated so far.

* Works contract now comes under 'service' supply and liable to 18% GST with ITC.

* you can charge 18% GST over and above your contact rate, and take input credits of GST paid for your materials, labour etc, and pay the rest to GST treasury.

* 1% GST TDS will be deducted by payer, if your contract value exceeds 2.50 lakhs rupees, which you can get back from output gst payment by filling gst returns.

* 1% TDS will be deducted u/s. 194C of IT act, which you can adjust against IT liability by filling ITR.

In your contract, you have to clarify that any local taxes levied will be charged extra..........

Yes, if you are registered under GST, you can charge GST extra.......

My Pleasure..........