Dear All,
I have received few invoices for the year FY 18-19,19-20 and 20-21.These invoices are current dated invoices.
RCM and TDS under commission is applicable on these invoices. Just need the clarification that should we deduct What should be the treatment of TDS and GST on these invoices. Should we charge GSt and deduct TDS on them or not.
Dear Ma'am
Is TDS are you referring to in the question is TDS under Income Tax Act, 1961?
Assuming whatever services you have received are liable under RCM
If the service is received from registered supplier - Tax has to be paid along with interest and no ITC can be availed
If the service is received from unregistered supplier - Self invoice to be issued in this case and Tax has to be paid along with interest but ITC can be availed
These are ex facie views of mine and the same should not be construed as professional advice / suggestion.
If the date of invoice is of this FY then pay RCM and take ITC provided you didn't record such transaction in the respective FYs to which they pertain to.
If the dates of invoices are of previous FY then you will have to pay RCM but ITC cannot be claimed.
Thanks.
Should we deduct the TDS also.
If you haven't deducted earlier then yes you will have to
O P Bagla & Co LLP
New Delhi
CA Inter
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Triveni Turbine Limited
Bengaluru
CA
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