Incase of Government contract, value of contract is Rs 1 crore and it is inclusive of Gst of 12 percent.
Government deducts TDS OF 1 PERCENT FOR CGST AND 1 PERCENT FOR SGST.
Now whether is it fine , if we pay balance 10 percent gst or
SHOULD we pay 10 percent by adding notional value of 5 percent as margin to contract value to arrive at Value of Supply ?
Gst on Government contract
Replies (2)
gst should be paid on the transaction value ie the value of the contract at 12% and not on the balance of 10℅
Rate is 12 percent, government deducted 2 percent TDs under GST ACT, which is other TDS UNDER INCOME TAX.
we have to pay BALANCE10 percent on transaction Value
we have to pay BALANCE10 percent on transaction Value
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