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Tax deduction
how much percent to be deduct from contractor (building construction)
Replies (2)
In GST:
Total Value of taxable supply under
a contract (excluding GST) >Rs.2.5L
➔Deduct tax from payment for Interstate @ 2% (IGST) & Intrastate 1% CGST , 1% SGST
Total Value of taxable supply under
a contract (excluding GST) >Rs.2.5L
➔Deduct tax from payment for Interstate @ 2% (IGST) & Intrastate 1% CGST , 1% SGST
As of now in GST ,TDS provision is applicable to government and its entity.
If your contract value with government (in total) is exceeding Rs 2.5 lakh then TDS is applicable at a rate 2% (IGST) (i.e 1% CGST 1% SGST) its government's duty to deduct TDS !
If your contract value with government (in total) is exceeding Rs 2.5 lakh then TDS is applicable at a rate 2% (IGST) (i.e 1% CGST 1% SGST) its government's duty to deduct TDS !
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