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Sumit Chatterjee (Accountant)     20 May 2019

Sumit Chatterjee
Accountant 
 35 points

| My Other Post

Bill amt 1,00,000+ charge 18 % Gst, vendor raised an invoice for contract service, and I have to make payment for this.

 

1).Contract Service A/c -  Dr  1,00,000
   IGST @ 18 %            -dr    18,000
  

  To service provider(Sundry CR)                       1,18,000


2)  Sundry CR. A/C     - Dr 1,18,000
    
    To TDS @ 2 % U/S 194C 2,000
    To Bank A/c         1,16,000

 

is this wrong entry? 

avater

Sarvesh Bubna   21 May 2019

Sarvesh Bubna

 2 likes  18 points

View Profile | My Other Post

It is perfectly alright, provided the contractor is not based in the same state, in which he is providing the contract service to you.

1 Like

Manoj Raturi (student-CA FINALS)     21 May 2019

Manoj Raturi
student-CA FINALS 
 8 likes  189 points

View Profile | My Other Post

Just one correction here, Tds liability should be made at the time of invoice received or payment made w. e is earlier so here tds liability needs to be created with invoice entry and not at the time of payment.


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