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APPLICABILITY OF GST WHEN TDS AND RETENSION MONEY IS DEDUCTED FROM ADVANCE - Goods and Services Tax - GSTExtract DEAR EXPERTS, ONE CONTRACTOR IS ENTERED INTO CONSTRUCTION AGREEMENT. AS PER AGREEMENT CUSTOMER WILL GIVE 10,00,000/- (TEN LAKHS) AS AN ADVANCE. BUT HE WILL DEDUCT FOLLOWING ITEMS AS PER AGREEMENT. a. 3% - 30,000/- FOR SECURITY DEPOSIT b.10% - 100,000/- AS A RETENSION MONEY c. 2% - 20,000/- FOR TDS AFTER ABOVE DEDUCTION CUSTOMER CREDITED 8,50,000/- IN CONTRACTORS BANK ACCOUNT. MY QUERY IS WHICH AMOUNT WILL BE CONSIDERED FOR DISCHARGING GST LIABILITY ON ADVANCE RECEIPT ?
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