Dear sir,
Sec 194Q applicable from 1.7.2021, I want to know that, Whether 194 Q is applicable on total invoice value with GST or without GST. (Basic)? Please let me know.
Balakrishna P (Sr.Accounts Executive) (62 Points)
30 August 2021Dear sir,
Sec 194Q applicable from 1.7.2021, I want to know that, Whether 194 Q is applicable on total invoice value with GST or without GST. (Basic)? Please let me know.
Kamal Verma
(Financial advisor)
(578 Points)
Replied 30 August 2021
It is replacement of TCS on sale of goods u/s 206C (1H), since no further clarification/amendment is received relating taxable value provisions of TCS will be applicable.
v devanathan
(Partner of a CA Firm)
(132 Points)
Replied 30 August 2021
The CBDT vide its Circular No. of 13 of 2021 dt.30.06.2021 clarified that, "when tax is deducted at the time of credit of amount in the account of seller and in terms of the agreement or contract between the buyer and the seller, the component of GST comprised in the amount payable to the seller is indicated separately, tax shall be deducted under section 194Q of the Act on the amount credited without including such GST. However, if the tax is deducted on payment basis because the payment is earlier than the credit, the tax would be deducted on the whole amount as it is not possible to identity that payment with GST component of the amount to be invoiced in future."
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