TaxTMI 
TaxTMI 
TaxTMI 
Determination of Taxable value under
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....etermination of Taxable value under<br> Query (Issue) Started By: - Sudhir Kumar Dated:- 21-6-2024 Last Reply Date:- 22-7-2024 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>How to determine the taxable value in TDS cases in GST. WHETHER the GST would be calculated on gross value charged including TDS of income tax, GST, Royalty etc Reply By KASTURI SETHI: The Reply: Only CGST, SGST/UTG....
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....ST and IGST and Compensation Cess are to be excluded and no other deduction is allowed. See Explanation to Section 51 (1) of CGST Act. Reply By Sadanand Bulbule: The Reply: Dear Sir I endorse the clarification with relevant provisions. Reply By Shilpi Jain: The Reply: Is it a domestic transaction or a overseas transaction? Reply By Shilpi Jain: The Reply: In case of domestic transaction TDS....
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.... also part of consideration and GST to be paid thereon. In case it is an overseas transaction, while checking liability under RCM, TDS need not be added to value for computing GST since it is the service recipient's liability under IT Act. There are a few cases in this regard. Reply By Padmanathan Kollengode: The Reply: Agree with Shilpi ma'am. Also pls note CBDT circular No 23/2017 dt....
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....d. 19-07-2017 wherein it has been clarified that wherever GST is shown separately TDS will not be deducted on GST amount. In essence, a invoice for taxable value of Rs.1,00,000 with 18% GST and 2% TDS will look like this: Taxable Value: Rs. 1,00,000 Add: CGST 9% Rs. 9,000 Add: SGST 9% Rs. 9,000 Total value Rs. 1,18,000 Less: TDS@2% Rs. 2,000 Net payable Rs. 1,16,000<br> Discussion For....
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