A tender floated by a government department has the following values which has been accepted at 3,22,136/-:
| Gross Bill | 441509.99 |
| GST 12%+ | 52981.20 |
| Total | 494491.19 |
| Cess 1% + | 4944.91 |
| Total | 499436.10 |
| Tender Accept Rate :Less - 35.50% | 177299.82 |
| 322136.28 | |
| Say | 322136.00 |
Now my query is for TDS under GST for the above contract should we work backwards in the following manner to arrive at the amount on which TDS is to be deducted.
| Tender Value | x |
| GST 12%+ | 0.12x |
| Total | 1.12x |
| Cess 1% + | 0.0112x |
| Total | 1.1312x |
So assuming 1.1312x = 322136; then x = 2,84,773.69, the tender values may be assumed as follows:
| Gross Bill | 284773.69 |
| GST 12%+ | 34172.84 |
| Total | 318946.53 |
| Cess 1% + | 3189.47 |
| Total | 322136.00 |
My query is that should TDS on GST be deducted @ 1% each (CGST & SGST) on 2,84,773.69/- or some other values?
CAclubindia
