Tds introduction

Hi

Isn't GST taxes levied on goods and services and tds levied on Payments and receipts?

Both are payable.

If a merchant records only GST transactions but not tds. Now I'm asked to make tds transactions over the below transaction

Dr. Repairs and maintenance towards contractor

Dr. GST

Cr. Bank

Now how to include TDS into this transaction

Txs

Replies (1)

You book the entry first 

Repairs & Maintenance  A/c  Dr 

Input  CGST                  A/c   Dr 

Input  SGST                 A/c    Dr 

To Contractor              A/c     Cr    

To TDS  payable        A/c      Cr 

(  Repairs & maintenance  payable  after  deduction of  TDS ) 

 

Then  you  pass  Payment  entry 

Contractor    A/c   Dr 

To  Bank     A/c    Cr   

( payment made to contractor after TDS  deduction ) 

 

TDS  Payable    A/c   Dr 

To  Bank           A/c    Cr 

( TDS  Deposited  in Govt  Account )  

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