Menu
TDS on Advance
Please let me know if any TDS on GST is to be deducted by payment making company under of Works contract.
Replies (2)
I am understanding your point but still provide more details here
Sir,
Ongc has entered in to agreement for modification works for additional gas processing plant on Open book estimation basis.In this contract one estro account is open and ongc deposit advance and EIL use this money to disburse the payment to its sub contractor. The payment transfer by ongc is consider as advance to EIL and subsequently EIL submit adjustment bill.Earlier we deduct WCT and TDS on advance.Now GST is implemented so we do not deduct WCT as VAT law is abolished. Now in GST TDS provision is still awaited. So my point is that no GST TDS is to be deducted by ONGC?
Ongc has entered in to agreement for modification works for additional gas processing plant on Open book estimation basis.In this contract one estro account is open and ongc deposit advance and EIL use this money to disburse the payment to its sub contractor. The payment transfer by ongc is consider as advance to EIL and subsequently EIL submit adjustment bill.Earlier we deduct WCT and TDS on advance.Now GST is implemented so we do not deduct WCT as VAT law is abolished. Now in GST TDS provision is still awaited. So my point is that no GST TDS is to be deducted by ONGC?
Related Topics
CAclubindia
