Financials for India - EBS (MOSC)

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TDS in GST regime

edited Dec 12, 2018 12:47AM in Financials for India - EBS (MOSC) 2 commentsAnswered

Hi,

How do we achieve the legal requirement of deducting 1% TDS on transactions exceeding 2.5 lakhs under the new GST patch. Under this requirement, for any contract exceeding 2.5 lakhs, three different taxes need to be applied.

1. GST as applicable

2. TDS as applicable (TDS Invoice to be created against TDS Tax Authority)

3. 1% TDS in addition to TDS in point 2 calculated on base amount without taxes. (TDS invoice to be created against GST Tax Authority)

Regards,

Vishwesh

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