TMI Blogsale turnover for works contractorX X X X Extracts X X X X X X X X Extracts X X X X ..... respected sir for a R B works contractor total gross bill received for fy 2019-20 is 1,00,000,00 (one crore) gross receipts for fy 2019-20 = 1,00,00,000 gst included at 12% 10,71,429 ----------------------------- gross receipts for incometax under sec 44AB is 89,28,571 whether i am right or wrong please discuss thanking you - Reply By KASTURI SETHI - The Reply = Is the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re any clause in the contract/agreement to the effect that gross receipt i.e. Rs.one crore will be inclusive of GST ? - Reply By giri gattupalli - The Reply = respected sir as per the final payment issued to contractor , contractor received value of work done =89,28,571 gst = 10,71,429 ------------- total = 1, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00,00,000 - Reply By KASTURI SETHI - The Reply = GST does not form part of ' turnover' under Section 44 AB of the Income Tax Act . - Reply By giri gattupalli - The Reply = thank you sethi ji - Reply By Ganeshan Kalyani - The Reply = I fully agree with the views of Sri Kasturi Sir. Revenue accounted in books net of GST. And, GST is accounted in current liability as it is a statuto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry liability and shall be paid. - sale turnover for works contractor - Query Started By: - giri gattupalli Dated:- 24-9-2020 Income Tax - Got 5 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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