Deduction of Tax at Source (TDS) in respect of works contract executed prior to 30-06-2017 for which payments to be made from 01-07-2017 onwards and tax rate applicable for TDS.

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..... CIRCULAR NO. 07/2017-18 No. KSA/GST/CR.02/2017-18, dated:18.07.2017 Sub: Deduction of Tax at Source (TDS) in respect of works contract executed prior to 30-06-2017 for which payments to be made from 01-07-2017 onwards and tax rate applicable for TDS- regarding The Karnataka Value Added Tax, 2003, (herein after referred to as KVAT Act ), was in force during the period from 01-0 .....

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..... orks Contract executed upto 30-06-2017 for which payments are pending from 01-07-2017: Under the provisions of section 7 (1) of the KVAT Act 2003, the sale of goods shall be deemed to have taken place at the time of transfer of title or possession or incorporation of goods in the course of execution of any works contract whether or not there is receipt of payment. Therefore, the Central Gover .....

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..... State Government or Local Authority or Government Agencies or such persons or category of persons as may be notified by the Government on the recommendations of the Council are required to deduct SGST at 1% and CGST at 1% from the payments made or credited to the supplier of taxable goods or services or both, where total value of such supply, under the contract which exceeds two lakhs fifty thousa .....

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